Cement News tagged: Corporate
Dujiangyan Lafarge Cement stake to be acquired
Sichuan Shuangma Cement plans to issue 148m shares to Lafarge China Overseas Holding at CNY832m (US$137.4m) to acquire a 25 per cent of Dujiangyan Lafarge Cement. Lafarge China currently holds 48.14 per cent of Shuangma Cement. Net assets of Dujiangyan Lafarge Cement were appraised at CNY3.33bn by September end 2013, appreciating 20.62 per cent.
Fujian Cement raises CNY87.8m from disposal of Industrial Bank shares
Fujian Cement Inc has sold a combined 12m shares in Industrial Bank Co Ltd at CNY10/share between 30-31 December 2013, the company announced in a statement. The Fujian Province-based cement manufacturer will earn CNY87.82m (US$14.5m) in investment income from the deal. Fujian Cement continues to hold 50.4 million shares in the Industrial Bank.
Habesha secures letter of credit for new plant project, Ethiopia
Habesha Cement SC has secured a letter of credit (LC) for its Chinese contractor from the Eastern & Southern Africa Trade & Development Bank (commonly known as the PTA), Fortune reported. The PTA agreed to co-finance the project earlier this year by lending US$50.4m. The LC, which was required before the factory equipment could be imported, had hindered the Chinese contractor from beginning...
EAPCC in spat with CMA over Lafarge appointment
East African Portland Cement Company (EAPCC) has gone to court, seeking to lift the suspension of its annual general meeting resolutions by the Capital Markets Authority (CMA), according to a report in Kenya’s Business Daily. The company argues that the CMA lacks the mandate to suspend the resolutions since AGMs are overseen by the Registrar of Companies. CMA suspended the resolutions by sha...
Lafarge sells minority stake in gypsum operations
Lafarge is to sell its remaining 20 per cent minority stake in its European and South American gypsum operations to Belgian building materials group Etex for an immediate cash consideration of EUR145m. The transaction, which is subject to customary closing conditions, is expected to be completed in the coming weeks, the French multinational announced on Thursday.
AVIC completes takeover offer for KHD
AVIC International Beijing Company announced on Friday the successful completion of a voluntary public takeover offer for shares in German equipment supplier KHD Humboldt Wedag. The takeover offer was conducted jointly by an indirectly wholly-owned subsidiary of AVIC International Beijing Company Ltd and three other bidders. AVIC International Beijing said it bought a 40.465 per cent st...
Pakistan: Lahore Stock Exchange delists Mustehkam Cement after Bestway merger
Lahore Stock Exchange has delisted Mustehkam Cement as the company merges with Bestway Cement on 26 December. The move finalises a process that saw Mustehkam Cement shareholders approve the merger last May with the Islamabad High Court following suit on 30 September 2013.
India’s EAC gives UltraTech green light for Tamil Nadu works
UltraTech Cement has been given the go-ahead by the Expert Appraisal Committee (EAC) on its 5.5Mta cement works and a 75MW captive power plant in the Karur and Dindigul districts of Tamil Nadu, India. The new dry-process works will be built with preheater and precalciner technology on a 136ha site and represents an investment of INR25bn. It will source its 6.7Mta requirement of limestone i...
CCI approves UltraTech acquisition of Jaypee’s Gujarat assets
The Competition Commission of India (CCI) has given UltraTech Cement the green light to purchase Jaypee's cement facilities in Gujarat. The CCI order, released on Monday, said that the “proposed combination is not likely to have an appreciable adverse effect on competition in India". The deal, which was announced in September this year, will strengthen UltraTech's leading position in the Ind...
Star Ferro to consolidate cement operations, India
Star Ferro and Cement Ltd plans to demerge its cement and ferro alloy divisions and consolidate its cement business under its subsidiary Cement Manufacturing Co Ltd, Sajjan Bhajanka, promoter and director of the company, has said. Star Ferro and Cement currently holds 70 per cent in Cement Manufacturing Co. "Star Ferro and Cement will cease to exist. We will rename it as Shyam Century F...
USA: Saint-Gobain sells Its fibre cement business
Saint-Gobain has signed an agreement for the sale of its US-based Fibre Cement business to Plycem USA, a subsidiary of Elementia of Mexico in which Lafarge holds 47 per cent of shares in its 2Mta Cementos Fortaleza plant. This business is part of Saint-Gobain's Exterior Products activity of the construction products segment. It manufactures and sells fibre cement siding, trim and accessory pr...
Cementir sets out 2014-16 business targets
Cementir's Board of Directors has approved the company's 2014-16 Business Plan which sees average annual EBITDA growth of around 16 per cent over the period. The plan lays the foundations for a further period growth following positive trends seen during 2013, the company said in a statement released yesterday. The strategy focuses on four key priorities: Improving the profitability o...
CCI clears JSW Steel acquisition of Heidelberg plant
The Competition Commission of India (CCI) has approved the acquisition of HeidelbergCement India's grinding facility at Raigad, Maharashtra, by JSW Steel. JSW Steel announced back in October its intention of acquiring the 0.6Mta grinding works. "Considering the facts on record and the details provided in the notice (under relevant Section of the Competition Act) ...the Commission is of t...
Texas Industries working with Citigroup for possible sale, USA
The owners of Texas Industries are reported to be exploring a sale of the Dallas-based company, Bloomberg reported, citing three people with knowledge of the matter. Southeastern Asset Management Inc. and NNS Holding, the two largest shareholders, have been looking to sell their stakes for some time, though they may struggle to get a price they deem sufficient, one source said. Vulcan Materi...
HeidelbergCement India likely to raise more funds
HeidelbergCement India’s board will meet to consider raising INR3.7bn (US$59.5m) by issuing non-convertible debentures (NCDs) on private placement basis. “... a meeting of the board of directors of the Company will be held on 16 December 2013, inter alia, to consider issuance and allotment of the debentures aggregating to INR3.7bn,” the company said. It was planning to issue Indian rupee-den...
India: Dalmia Cement plunders executives from Shree
Mahendra Singhi has joined the Dalmia group has its new managing director from rival Shree Cement where he had spent 19 years, with his last position being executive director. His aim will be to consolidate cement operations and build efficiencies while working with private equity investor KKR. The US-based fund KKR, which invested US$125m in the cement company in 2010, helped Dalmia imp...