Cement News tagged: Corporate
Fitch Ratings affirms and withdraws Central Asia Cement’s rating
Fitch Ratings has affirmed and simultaneously withdrawn Central Asia Cement's (CAC) National Long-Term Rating at 'BB-(kaz)' with Positive Outlook and senior unsecured bond rating at 'B(kaz)'. Fitch says it will no longer have sufficient information to maintain the ratings, as CAC has chosen to stop participating in the rating process. "Accordingly, Fitch will no longer provide ratings or a...
PPC chief acquires further stocks in producer, South Africa
CEO of PPC, Ketso Gordhan, has acquired another ZAR3m worth of the company’s shares on the open market between 4-5 September 2013. This takes Mr Gordhan’s accumulated shares to 330,000, worth nearly ZAR10m at prices from ZAR29.30 to ZAR30.65 in the last month. It makes him one of the top 25 shareholders in the South Africa-based cement producers. (Source: Business Day).
A TEC announces new managing director
The A TEC Group has announced Ghassan Broummana will take over the responsibility as the company’s managing director, effective 1 October 2013. Mr Broummana will be primarily responsible for sales and marketing within the A TEC and A TEC Greco group, the company said in a statement. Mr. Broummana started his career in early 1987 designing and starting up cement manufacturing plants. In 1...
UltraTech acquires Jaiprakash's Gujarat assets
Jaiprakash Associates Ltd has confirmed it will sell its cement assets in Gujarat to UltraTech Cement Ltd for around INR38bn (US$598m) including debt. UltraTech, the country's largest cement maker by production capacity, will issue shares worth up to INR1.5bn to Jaiprakash and assume debts of about INR36.50bn, the companies said on Wednesday. Jaiprakash Associates has been trying to sell th...
UltraTech on verge of signing Jaiprakash Associates deal
UltraTech Cement is reportedly on the verge of signing a deal with Jaiprakash Associates to acquire the latter’s cement assets in the Indian state of Gujarat. Following months of negotiations, the agreement is expected to be signed today, according to local press speculation. Both Jaypee and UltraTech are expected to make the announcement simultaneously in Delhi and Mumbai, respectively. The...
Tabuk Cement first-half net profit edges ahead
Saudi-based producer Tabuk Cement reported a net profit of SAR107m (US$28.5m) for the first half of 2013, up 1.04 per cent from the SAR105.9m in the same period of the year before. The company attributed the rise to cost rationalisation, but did not disclose any exact figures. Earnings per share stood at SAR1.19 almost unchanged SAR1.18m. The company’s operating profit declined to SAR105....
Al Jouf Cement appoints director general, Saudi Arabia
Al Jouf Cement has appointed Eissa Baissa as director general, effective 15 September 2013. Prior to joining Al Jouf, Baissa was general manager of one the cement companies operating in Saudi Arabia, Al-Jouf said without disclosing the name. Al-Saleh has a Bachelor Degree in mining engineering from King Abdullah University of Science and Technology, and a Ph.D. in business administration fro...
SibCement minority shareholders call for BoD election recount
Minority shareholders of Russian producer OSJC Holding Company Sibcem have called for the board and relevant authorities to review the results of the Summer 2013 Board of Directors election results, according to a report by Moscow’s Globe Newswire. A statement by the Siberian Cement Minority Shareholders’ Association (SCMSA) said that they believe that the votes were possibly miscounted and t...
Khai Hung Co acquires Vietnam firm
Khai Hung Company has acquired a 51 per cent stake, or 10.2 million shares, of Vinaconex Xuan Mai Concrete & Construction JSC (XMC) from Vietnam Construction and Import-Export Joint Stock Corporation (or Vinaconex). The price of the deal was not disclosed, the Vietnam Securities Depository said in a statement. Vinaconex earlier planned to sell the same amount of shares of XMC at a minimum...
New Mozambique plant project
A 0.5Mta cement plant is due to be built in the Chibabava district of Mozambique’s central Sofala province, the country’s President, Armando Guebuza, announced. Mozambican news agency AIM reported that at a meeting with residents of Maxixe, a municipality in Inhambane province, President Guebuza noted that if electricity was available the cement plant, a result of cooperation with China, wou...
Sinai Cement first-half profit declines, Egypt
Sinai Cement reported a 30 per cent YoY decline in net profit for the first six months of 2013. The Egypt-based cement producer said that net profit fell to EGP50,991,171 (US$7.4m) for the six months compared to EGP 73,140,215 (US$10.6m) for the same period of last year.
DG Khan Cement posts 34% rise in annual profit, Pakistan
DG Khan Cement, part of the Nishat Group and one of Pakistan's largest cement manufacturers, posted a 34 per cent YoY increase in profit for fiscal year 2012-13. According to a notice sent by the company to the Karachi Stock Exchange, the company reported a net income of PKR5.5bn for the fiscal year 2013, compared PKR4.11bn in fiscal 2012. The rise in earnings was attributed to better cem...
S&P lifts Cimpor outlook from stable to positive
Standard & Poor’s has reaffirmed its ‘BB/B’ long and short term rating on Cimpor and InterCement, revising the outlook from stable to positive. The change follows the Outlook revision from stable to positive, keeping a ‘BB’ rating of Camargo Correa, which indirectly controls 94.2 per cent of Cimpor share capital. According to the rating’s agency, the outlook revision to positive based on the...
ACC plans to list on Egypt stock market
Arabian Cement Co (ACC) is preparing to list on Egypt’s stock market and has submitted a proposal to the Misr for Central Clearing, Depository and Registry (MCDR) to be centrally registered. The company told Zawya News that the company will be added to the central registry as soon as the review is completed. Arabian Cement is 68 per cent owned by Spain-based Cementos La Unión.
Tanga 1H hit by competition, higher costs
Tanzania-based cement producer Tanga Cement reported a 36.7 per cent drop in first-half net profit due to increased competition and operating costs. For the six months to the end of June 2013, net profit fell to TZS10.5bn (US$10.3m) from TZS16.6bn. "The low sale volume, together with reduced selling prices, reduced sales revenues by eight per cent to TZS122.62bn," company chairman, Laurence...
Tong Yang sells waste heat recovery plant, South Korea
South Korea-based cement producer Tong Yang Cement Corporation has sold a waste heat recovery plant to Samcheok Energy, a company invested by a private equity fund run by Macquarie Korea Opportunities Management, Ltd. The acquisition was made for a consideration of KRW40,000m. Tong Yang Cement is one of South Korea's largest cement producer by capacity. Its major plant at Samcheock has seve...