Cement News tagged: Corporate
KHD recommends shareholders accept AVIC offer
The management and supervisory board of KHD Humboldt Wedag International have recommended company shareholders accept a takeover bid from AVIC International at the offer price of EUR6.45/share. The offer price corresponds to a premium of 34.9 per cent on the average closing price of the KHD share over the three-month period prior to announcement of the offer on October 10, 2013. KMPG, who w...
Industry appointments at Ambuja and ACC
The Holcim Group has appointed Bernard Trever has an additional director on the board of Ambuja Cements Ltd. Mr Trever has over 35 years of experience in the cement business and has been part of Holcim Ltd since 1994 where he has held senior positions including that of Chief Executive Officer of Holcim Colombia and Holcim US. Meanwhile, ACC's chief executive and managing director Kuldip Kaur...
Fitch affirms Holcim (Costa Rica) rating
Fitch Ratings has affirmed it AAA(cri) rating with a stable outlook for Holcim (Costa Rica) and its subsidiaries, according to a report from the ratings agency. The rating is attributed to Holcim 's strong market position in Costa Rica where it operates a 1.5Mta integrated cement plant, and strong generation of cash flow. Cemex is the only other cement producer in Costa Rica, with two plant...
UltraTech Cement appoints independent director
India’s largest cement producer UltraTech Cement said its board of directors has appointed Arun Adhikari as additional director (Independent) to the board, effective 3 December 2013. Adhikari is an alumni of the Indian Institute of Technology, Kanpur and the Indian Institute of Management, Calcutta.
Sino-Zimbabwe boosts clinker capacity
Sino-Zimbabwe has completed phase one of its plant modernisation programme by increasing clinker production capacity by 40 per cent. Capacity of the plant has now been increased to 700tpd. Phase two of the project, due for completion this year, involves upgrades to warehouses and storage facilities. Further modernisation measures are planned for next year. The new project will also redu...
HeidelbergCement issues Eurobond
HeidelbergCement yesterday priced a Eurobond issue under its EUR10bn EMTN programme with an issuance volume of EUR500m and a maturity date of 21 October 2021. The proceeds of the transaction will be used for general corporate purposes, the German cement major said in a statement. The eight year bond bears a fixed coupon of 3.25 per cent per annum. The issue price is at 99.337 per cent, result...
Prism Cement's credit metrics seen improving from FY15
India-based cement producer Prism Cement Ltd is expected to see an improvement in credit metrics from FY15 on the back of an overall improvement in operating efficiency and an absence of any debt-led capex, according to a recent note by India Ratings. It has assigned Prism Cement Limited (PCL) a Long-Term Issuer Rating of 'IND A-'. The Outlook is Stable. The research house notes that the sh...
Sichuan Shuangma to acquire stake in Dujiangyan Lafarge
Sichuan Shuangma Cement Co says it plans to acquire a 25 per cent stake in Dujiangyan Lafarge Cement from Lafarge China Offshore Holding Company for about CNY832m (US$136.5m). Sichuan Shuangma has said the acquisition will be via shares issuance of about 147.58m shares at CNY5.64/share.
HeidelbergCement plans India bond placement
HeidelbergCement India plans to raise INR3.7bn (US$59.4m) by issuing non-convertible debentures on private placement basis. "... subject to receipt of various approvals, planning to offer and issue Indian rupee denominated, rated, listed, unsecured, redeemable, non-convertible debentures aggregating to INR3700m, on private placement basis, to its non-resident parent/ group company (ies),...
New DR Congo project set for financial close
Lucky Cement is in the process of negotiating finance terms and conditions with multilateral and financial institutions for a 1.8Mta cement plant in the DR of Congo. With most of the loan terms agreed upon, the Pakistan-based cement producer expects financial close over the December 2013-January 2014 period. The greenfield project is a joint venture between Lucky Cement and Groupe Rawaji in...
AVIC confirms bid for KHD
AVIC International Engineering has published the offer document for the voluntary public takeover offer to the shareholders of KHD to acquire all shares in KHD. According to a release, the joint bidders offer a cash consideration of EUR6.45 per KHD share. The offer price includes a premium of approximately 35 per cent on the weighted average domestic stock exchange price for KHD shares in the...
TCC International receives buyout bid
TCC International Holdings said it received a buyout offer from its parent company Taiwan Cement Corp. Taiwan Cement currently holds a 56.5 per cent stake in TCC International Holdings. The proposed deal is valued at HKD5.59bn (US$721m), according to Bloomberg. The deal will allow Taiwan Cement to book the full profits of the Hong Kong unit, TCC International Holdings Ltd, which has a ma...
Berenberg upgrade boosts HeidelbergCement
Analysts at Berenberg have raised recommendation on HeidelbergCement’s stock to "buy" from "hold" as concerns over a slowdown in Indonesia are limited. "We have reviewed HeidelbergCement's Indonesian exposures and our scenario analysis suggests that downside risk posed by a temporary slowdown here is relatively limited," Berenberg analysts said in a note, raising their price target to EUR63 ...
Semen Indonesia sets 2014 capex target at IDR6trn
PT Semen Indonesia said it requires IDR6trn (US$508m) capital expenditure for expansion in 2014, the company’s president director has said. Speaking to local media, Dwi Soetjipto, said Indonesia's largest cement producer had between IDR4trn-5trn. “The available capex currently does not include expansion plans in Myanmar and Bangladesh. To do that, we need a total of IDR6trn,” Dwi Soetjipto...
Portland Valderrivas reduces losses
Cementos Portland Valderrivas has cut losses in the first nine months of 2013 thanks by 74 per cent to EUR24.8m compared to EUR95.2m in the same period of last year, thanks to a series of cost control measures. Group revenues for the period amounted to EUR413m, of which Spain accounted for EUR168m. Operations in the US and Tunisia accounted for 60 per cent of group revenues and partly offset ...
Cemex starts construction of Nicaragua grinding plant
Cemex is expected to start construction on a new grinding and packing unit in Nicaragua. The new plant represents an investment of US$50m and will be implemented in two stages. Carmen Reyes Garcia, president of Nicaragua’s Compañía Nacional Productora de Cemento (CNPC), and Andrés Jiménez Uribe, country director for Cemex Nicaragua, recently signed an agreement by which the government author...