Cement News tagged: Corporate
Lafarge Pakistan to go under hammer
Three leading Pakistan cement producers are gearing up to acquire a majority holding in Lafarge Pakistan, with the bidding process expected to be concluded in the coming weeks. Bestway Cement, DG Khan and Kohat Cement, have received approval from their respective board of directors to separately bid for the acquisition of acquisition of 1.1bn ordinary shares of PKR10 each of Lafarge Pakistan...
Bamburi Cement names new CEO
Bamburi Cement, part of the Lafarge group, has announced the appointment of Bruno Pescheux as chief executive officer and a member of the Board of Directors, effective 21 July 2014. Mr Pescheux previously held the position of CEO of Lafarge Syria. He takes over from Hussein Mansi who has been Bamburi Cement’s CEO over the past five years.
Saudi on course for full demand recovery in 4Q14
Saudi cement sector is currently showing signs of recovery, with demand beginning to return to its normal levels, a new report by NCB Capital reveals. Mohamed Tomalieh, equity research analyst at NCB Capital, said: “The average YoY decline in sales since November 2013 stood at 7.9 per cent but sales in May 2014 increased 3.1 per cent YoY, the first increase since the end of the amnesty perio...
Italcementi Finance signs credit facility, Italy
Italcementi Finance SA, a subsidiary of Italian cement maker Italcementi, has signed with a group of 14 international banks a syndicated revolving credit line for EUR450m with a five-year maturity, replacing a EUR920m credit line maturing in September 2015. The previous loan has not been used, hence there are no impacts on the group's total debt, a statement read. The new credit line envisag...
Acquisition of Corporate Scientific Claisse Inc
Spectris has acquired the business and assets of the Canadian company La Corporation Scientifique Claisse Inc for an undisclosed sum. Claisse designs, manufactures and sells consumables and instruments used to prepare consistent and comparable samples for spectroscopic analysis in mining, pharmaceutical, academic research and industrial applications. Claisse will become part of the Mat...
JP Morgan Chase & Co acquires shares in Anhui Conch Cement
JP Morgan Chase & Co bought 257,000 shares in Anhui Conch Cement Co Ltd worth HK$ 7.03m on 13 June 2014, sources reported, citing the Hong Kong Stock Exchange. After the purchase, the USA financial institution holds a combined 143.16m shares in the cement manufacturer, accounting for an 11.01 per cent stake.
Ciments Français: Paris stock exchange delisting
The offer of voluntary actions to buy Ciments Français shares at the price of EUR79.50 promoted by Italcementi, was approved by the AMF on 10 June and will run from 13 June until 3 July 2014. The offer, as previously announced, is aimed at delisting of the shares of Ciments Français from the Paris Stock Exchange. Therefore, if the tender offer results in Italcementi holding a stake of more th...
India: UltraTech completes deal to buy Jaypee Cement
Jaypee Cement Corporation unit in Gujarat, India, will come into UltraTech Cement's possession following approval for the acquisition from the Bombay and Ahmedabad High Courts. The deal includes the 4.8Mta cement plant with a 57.5MW coal-based thermal power plant, limestone reserves for over 90 years and a captive jetty at Sewagram for an enterprise value of INR38000m (US$637.8m). The compan...
New ACC chief executive officer appointed
ACC Ltd, part of the Holcim group, said on Wednesday that it had appointed Harish Badami as the chief executive officer (CEO) and managing director (MD) of the company. In a statement filed to the exchanges, the company said Mr Badami will take over from Kuldip Kaura, the incumbent CEO and MD, as of 13 August 2014 for a period of five years. ACC is India's second-largest cement producer.
Semen Indonesia provides loan to Gresik, Indonesia
Semen Indonesia is to provide a IDR5trn loan (US$421.76m) to subsidiary Semen Gresik to partly finance the latter’s new cement plant in Central Java, according to an announcement posted on the Indonesia Stock Exchange. The loan agreement, which amounts to IDR5.07trn when taking interest into account, was signed on Monday. Semen Gresik is constructing an 8000tpd greenfield works situated j...
UltraTech in talks to buy further Jaiprakash assets
UltraTech Cement is reportedly in talks to buy further cement assets from Jaiprakash Associates, two sources with knowledge of the matter have told local press. The talks are centred on UltraTech acquiring Jaiprakash’s Rewa complex in Madhya Pradesh, to help the latter company reduce its debt burden. Last year, UltraTech agreed to buy Jaiprakash’s cement assets in Gujarat which have a cement...
Italcementi prices EUR500m capital increase at EUR4.825/share
Italian cement major Italcementi said its EUR500m capital increase will be priced at EUR4.825/share. The rights issue, part of a plan to strengthen and streamline the group's capital and structure announced on 6 March, is aimed at funding the tender offer on Ciment Francais expected to be launched by the end of the month at a price of EUR79.5/share. The capital increase, due to start on 9 Ju...
HeidelbergCement India announces appointment of chief operating officer
HeidelbergCement India Ltd has informed Bombay Stock Exchange that Jamshed Naval Cooper, director (Sales & Marketing) of HeidelbergCement India Limited (HCIL) has taken over the position as chief operating officer of the company, reporting to Ashish Guha with effect from 4 June 2014. Cementrum I B.V. of Netherlands, the holding company of HCIL, has proposed the appointment of Mr Cooper as man...
Semen Indonesia targets Bangladesh acquisition
Semen Indonesia is looking to acquire a cement plant in Bangladesh to strengthen its position in the Asian market. President director, Dwi Soetjipto, told local press that it hopes to complete the purchase later this year or early in 2015. The factory in question is reported to have a capacity of 06.-1Mta. It is also planning to strengthen its regional grip by acquiring a cement company in ...
Fitch: ratings unchanged for Votorantim
According to Fitch Ratings, the recent decision by Brazil's antitrust agency, CADE, to stiffen the penalties against Brazilian cement companies allegedly engaged in price collusion presents a significant challenge to Votorantim Cimentos (VCSA), but it will not result in a negative action to its 'BBB' rating. VCSA's Rating Outlook was affirmed by Fitch at Negative on April 8, 2014. This rati...
Saudi Cement recommends dividend
Saudi Cement Co’s board of directors has recommended paying a dividend of SAR3.5 per share for first six months of 2014, the firm said in a bourse filing on Sunday. Shareholders owning the company’s stock at the end of trading on 1 July will qualify for the dividend, which will be paid on 9 July the statement said.? Saudi Cement reported a 16 per cent drop in first quarter 2014 profit which...