Cement News tagged: Corporate
Fitch Ratings affirms Cimento Tupi ratings, Brazil
Fitch Ratings has affirmed the following ratings of Brazilian cement producer, Cimento Tupi SA's (Tupi): • Foreign currency Issuer Default Rating (IDR) at 'B' • Local currency IDR at 'B' • Senior Unsecured Notes Due 2018 at 'B/RR4'; • Long-Term National Rating 'BBB-(bra)'. Fitch said Tupi's 'B' ratings reflect its small business position, execution risks related to the change ...
Lafarge Jordan Cement 2011 losses
Lafarge Jordan Cement reported JOD20m worth of losses in 2011 and revenues dropped 21 per cent YoY to JOD134m, according to reports in The National. The company, which once had a monopoly in the country, has been struggling from increased competition ever since a fourth cement factory opened in March last year, while rising costs have impacted revenues. Lafarge Jordan Cement has two ...
China Shanshui to issue senior notes, China
China Shanshui Cement said it proposes to conduct an international offering of senior notes and would commence a series of roadshow presentations beginning on or around 11 April 2012 to institutional investors in Asia, Europe and the United States. Deutsche Bank, HSBC and J.P. Morgan have been appointed as joint lead managers and joint bookrunners. The pricing of the notes, including the agg...
Fives Pillard strengthens its position in Indian combustion market
The Fives group has acquired CBL Combustion Systems, an Indian company specialising in the design and supply of combustion equipment used mainly in the energy (burners for industrial boilers and thermal power plants) and minerals (cement) sectors. CBL, which markets its offer both on the basis of its own technologies and those of Fives Pillard, has adopted the name of Fives Combustion Systems...
Readymix agrees to Cemex buy-out offer, Ireland
Shareholders of Irish cement maker Readymix have voted to sell the 38 per cent share of the company not owned by Cemex to the Mexican cement major. At a meeting to vote on the deal, some 97.56 per cent of shareholders agreed to the 25 cents per share offer which had been increased from 22 cents per share. Readymix will now apply to the High Court to confirm the date for the court hearing to...
Saudi cement companies 1Q net profit rise, Saudi Arabia
Two leading Saudi Arabian cement producers have reported a rise in first quarter 2012 net profit due to higher sales. Yanbu Cement said its first quarter 2012 net profit surged 43.6 per cent YoY to SAR145m (US$38.7m). Earnings per share stood at SAR1.38, up from SAR0.6 from the same period last year. Meanwhile, Qassim Cement net profit rose 7.7 per cent to SAR158.4m (US$42.3m). First-quart...
Camargo Correa on Rating Watch Negative
Fitch Ratings has placed all of the ratings of Camargo Correa and its subsidiaries on Rating Watch Negative following the Brazilian conglomerate's announcement that it intends to buy full control of Cimpor. Last week Camargo made a public offer for the remaining 67 per cent of Cimpor which it does not own. At EUR5.5 per share, the deal is the equivalent to EUR2.5bn. Fitch views the propos...
Cimpor acquisition good for competition
The buyout of Cimpor, Portugal, by Camargo Corrêa of Brazil would improve competition by reducing the market share of dominant player, Grupo Votorantim, according to Brazil’s antitrust regulator. "In principal, I can say that would be better than Votorantim concentrating even more of the market. But I can't say that solution is enough," said Olavo Chinaglia, the head of the Brazilian antitr...
Jidong Cement net profit rises 9%
Tangshan Jidong Cement Co. Ltd, based in Hebei Province, China, has stated that its net profit rose 9%YoY to CNY1.53bn in 2011. Meanwhile, operating revenue surged by 42.15% to CNY15.73bn.
Dividend boost for Dangote shareholders
Dangote Cement Plc announced it will pay a cash dividend of NGN19.37bn, or NGN1.25 per share, according to the company’s financial statement released on the Nigerian Stock Exchanged yesterday. The directors a recommended a bonus issue of one new share for every one already held. Company turnover was noted at NGN235.70bn compared with NGN202.57bn a year earlier, indicating a 16% growth. P...
Camargo Corrêa in Cimpor bid
Camargo Corrêa and Brazilian competitor Votorantim Cimentos SA bought separate stakes in Cimpor in early 2010. Camargo currently claims to hold around a 33.25% stake in Cimpor and is its largest shareholder ahead of Votorantim with a current 21.2% interest, but has an option to increase this to 30.8%. Votorantim is reportedly considering teaming up with Camargo for a joint bid, although the la...
Dangote Cement pretax profit advances, Nigeria
Dangote Cement said its pre-tax profit rose to NGN118.28bn (US$750.70m) in 2011, compared with NGN117.84bn in the previous year. Nigeria's biggest capitalised company proposed a 1.25 naira per share dividend, plus one bonus share for each 10 held. Turnover rose marginally to NGN235.91bn, compared with NGN235.70bn in the previous year, the company results said.
CNBM seeks CNY15bn listing, China
China National Building Material (CNBM) China National Building Material (CNBM), hopes to list in Shanghai this year, according to local press reports. The company hopes to raise CNY15bn from its Shanghai A-share listing, said Nomura analyst Luo Yang, but cautioned: "They are too optimistic. CNY10bn should be the maximum, given the market." The state-owned firm has applied to the China ...
Allied Cement net profit drops, China
Allied Cement Holdings Ltd, based in Shandong Province and Shanghai, said net profit declined 54.8 per cent YoY in 2011 to HK$ 76.16m. However, sales increased 60.7% YoY to HK$ 725m with basic earnings per share standing at HK$ 0.21. (Source: China Buisiness Newswire)
Holcim CEO cost cutting measures – report
Bernard Fontana, Holcim’s new chief executive officer, will have to restructure the cement maker’s business in Europe where additional plants will have to be closed, cut costs, and expand the company’s business in emerging markets, SonntagsZeitung said, citing criteria set for him by the board of directors. Details of Fontana’s plans will be presented on April 17 at the company’s shareholder...
Camargo Correa bids for Cimpor
Camargo Correa has announced a €2480m bid for Cimpor at €5.50 per share, a 10% premium on the pre-offer share price. InterCement Austria, a wholly-owned subsidiary of Camargo Correa is being used as the bid vehicle. Camargo Correa is currently the sixth-largest cement producer in Brazil, and market leader in Argentina, while Cimpor is the number four in Brazil. Together, the two companies woul...