Cement News tagged under: corporate
Italian Buzzi Unicem buys stake in Riva18 March 2004, Published under Cement NewsItalian cement and concrete company Buzzi Unicem bought a final 10 per cent stake in Italian cement producer Cementi Riva for a total of 5.2 mln euro (US$6.4m),it was reported on March 17, 2004. Following the acquisition of the stake Buzzi Unicem gained total 100 per cent control in Cementi Riva. Cementi Riva has a plant in Riva del Garda in Trento, northern Italy, with an yearly capacity of 300,000tpa. Buzzi Unicem plans to propose at the next meeting of the board of directors, scheduled fo... |
Shareholder files affidavit - against L&T-Grasim deal17 March 2004, Published under Cement NewsAn affidavit opposing Larsen & Toubro’s petition for Court sanction for the L&T-Grasim cement deal has been submitted. The petition comes up for hearing at the High Court, Mumbai, on March 18. The objection, submitted to the advocates of L&T in the case, has been made by a Pune-based individual shareholder of L&T, Mr VM Raste, who says the deal is not in the public interest. "I state that over 4,90,000 shareholders of the petitioner company and millions of units and policyholders of Unit... |
Mikhailovcement posts results16 March 2004, Published under Cement NewsRyazan region-based JSC Mikhailovcement (affiliated to the Eurocement Holding) produced 175,000t of cement in Jan-Feb 2004. The output of packed cement grew by 29 per cent, the Eurocement Holding press service reported to FK-News. Mikhailovcement produced 1.7Mt of cement in 2003, up 19 per cent from 2002. The company’s output will reach 1.78Mt in 2004, Eurocement reports. |
Italcementi suffers from cost pressures16 March 2004, Published under Cement NewsOn a turnover 0.5 per cent higher at €4284.7m, the operating profit at the EBITDA level at Italcementi declined by 4.3 per cent to €1060.9m as higher operating costs, particularly in respect of transport, were encountered. After a 1.7 per cent increase in depreciation and amortisation costs, the trading profit declined by 7.7 per cent to €656.4m, with the rate of reduction being reduced to 7.1 per cent at the running profit before tax level of €541.9m thanks to a 7.1 per cent drop in the net... |
Thai TPI Polene to erase retained losses16 March 2004, Published under Cement NewsThailand’s number three cement maker TPI Polene PCL said on Tuesday it plans to wipe out 19 billion baht (US$482m) retained losses by the end of the current quarter ending June 30, enabling it to pay dividends. The company would transfer its share premium, cash reserves and operating profit to erase the losses, senior vice president Prasert Ittimakin told reporters. "We expect to wipe out all of them by the second quarter," Prasert said. But he said the company had not decided on the divi... |
Chia Hsin Cement profit growth15 March 2004, Published under Cement NewsChia Hsin Cement Greater China Holding Corp reported a near-doubling in net profit last year. The cement maker reported net profit of US$19.0m in the 12 months ended Dec. 31, 2003, up from US$10.3m a year earlier. Revenue jumped to US$78.0m from US$67.8m in 2002. Earnings per share nearly doubled to 2.08 US cents. The 2003 profit figure is far better than the company forecast late last year, when it was preparing what would become one of Hong Kong’s most popular initial public offerings dur... |
Holcim completes Apasco deal15 March 2004, Published under Cement NewsUnder the public tender offer made to minority shareholders of Mexican Group company Holcim Apasco, a total of 57,931,967 shares held by third-party shareholders had been tendered to Holcim Ltd by the close of the tender period on March 12, 2004. Holcim is delighted that the offer has met with such wide acceptance. In accordance with the terms of the offer, Holcim will pay US$10.20 per share. This corresponds to a total purchase price of US$590.9m. Holcim’s interest in the Mexican Group comp... |
Torah cement impressive12 March 2004, Published under Cement NewsEgypt: Torah Cement released FY03 results ending December, in which the company recorded an impressive 15.3 x net income hike to LE55m (US$8.9m) compared to LE3.6m realized in FY02. The improved bottom line stemmed from a 10.6 per cent jump in revenues thanks to improving cement prices during FY03. Interest expense also dropped a significant 87.4 per cent at LE11.3m down from a comparable LE89.5m as the company settled the entirety of LE222m in short-term facilities at the beginning of FY03.... |
Lipetskcement ups cement production12 March 2004, Published under Cement NewsLipetskcement produced around 168,000t of cement in January 37.6 per cent up on year, according to Eurocement which controls the enterprise. The 2004 target is to maintain 2003 production at around 1.5Mt Lipetskcement to over 12 regions within Russia and also exp[orts cement to Azerbaijan. |
Holcim to detail Mexican unit offer11 March 2004, Published under Cement NewsHolcim will detail the outcome of a US$750m takeover offer for Mexico’s Holcim Apasco on Monday, it said Wednesday, as a planned cash call to finance the deal continued to weigh on its shares. The Swiss firm, the world’s second-largest cement company, aims to buy out other shareholders of its Mexican unit through a rights issue. The offer period ends on March 12. "After we have taken note of the result, we will comment on the Apasco offer on Monday," a Holcim spokesman said, declining to c... |