Cement News tagged: Corporate
CRH opens regional headquarters in Singapore
CRH announced the official opening today of its regional headquarters in Singapore, to oversee the expansion of its existing interests in India and China, and to pursue further development opportunities in the wider Asia region. Commenting on the opening, Ken McKnight, President of CRH Asia said:“ The opening of our regional headquarters in Singapore today marks a further step in the evoluti...
Daiwa raises CRC target price, China
Daiwa Research raised its target price for China Resources Cement (CRC) to HK$6.6 from HK$5.95, and retained its "buy" rating. The research house cited management noting that the market has been overly pessimistic on cement prices for south China, as many analysts seem to have misread the capacity growth in the region. While many production lines are pending to be built in the region, not a...
Vietnam producer to delist from Hanoi Stock Exchange
Vinaconex Xuan Mai Concrete & Construction's shareholders have approved a plan to de-list nearly 20m shares from the Hanoi Stock Exchange. To facilitate the plan, Khai Hung Company, a major shareholder of XMC, will buy the shares from other shareholders at not below VND5,600, the floor price of XMC shares on 11 October 2013. Earlier, Khai Hung bought a 51 per cent stake, or 10.2 million ...
Employment suspension to affect all of Olazagutía’s employees
The temporary employment suspension (ERTE) raised by Cementos Portland for its six plants in Spain is expected to affect the entire workforce of the Olazagutía plant in Navarra. A negotiation process has now started between the company’s management and the representatives of the 110 employees at the works to minimise the impact of the ERTE. Javier Lecumberri of the general workers union, UG...
AVIC raises stake in KHD, buy-out offer
China-based AVIC International Holdings Ltd said it will boost its holding in KHD Humboldt Wedag International AG and make a buy-out offer. The Shenzhen-based company will buy 19 per cent of KHD from 12 sellers for EUR61m (US$83m), increasing its stake to 39.03 per cent, according to a Hong Kong stock exchange filing yesterday. MFC Industrial Ltd. is one of the companies disposing of KHD s...
Vicem Hoang Mai Cement expects to return to pretax profit, Vietnam
Vicem Hoang Mai Cement JSC expects to post a pretax profit of in the third quarter after an audited loss in the first six months, but is unlikely to hit its full-year target. The company’s third quarter pretax profit is expected to reach VND20bn (US$947,800) following a loss of VND23.78bn in the first half, the Dau Tu Chung Khoan magazine cited an official of the firm as saying. However, ev...
Upbeat outlook for SCC third-quarter earnings
Thai conglomerate Siam Cement Co (SCC) is expected to post robust YoY earnings growth in 3Q13 thanks to improved petrochem spread and healthy cement demand growth with higher prices, according to a recent report by TISCO Securities. The research house expects SCC to post a 3Q13 net profit of THB9.1bn, up 41.9 per cent YoY but down 8.3 per cent QoQ. The expected YoY growth is due to higher pe...
Nguyen Thi Thu Huyen acquires stake in Vinaconex Xuan Mai Concrete & Construction
Retail investor Nguyen Thi Thu Huyen has acquired 1.93 million shares, or a 9.67 per cent stake, of Vinaconex Xuan Mai Concrete & Construction JSC. Last month, Khai Hung Company also bought a 51 per cent stake of the cement producer from Vietnam Construction and Import-Export Joint Stock Corporation (VCG), or Vinaconex.
Jianxi Wannianqing expects significant rise in 9M net profit
Jianxi Wannianqing Cement said it expects net profit to surge in the first nine months of this year compared to the same period of 2012 due to an increase in sales and lower production costs. The China-based producer expects a rise of 196-223 per cent YoY. It earlier reported a net profit of CNY132.56m for the first half of the year, up 129.02 per cent on the 1H12. Core business revenue jump...
S&P confirms Buzzi, Dyckerhoff rating; negative outlook
Buzzi Unicem said today that Standard & Poor’s confirmed the long-term corporate rating (BB+) on Buzzi Unicem and its German subsidiary Dyckerhoff AG and the short-term rating (B) on both groups, thus removing them from the credit watch with negative implications announced on 8 August 2013. The outlook was revised from stable to negative.
Lafarge Cement WAPCO appoints new country CEO, Nigeria & Benin Republic
Lafarge Cement WAPCO announced the appointment of Guillaume Roux as the new Country CEO, Nigeria and Benin Republic, effective September 2013. He succeeds Jean-Christophe Barbant who has moved on to another responsibility within the Lafarge Group, after over four successful years in Nigeria. Also an executive Vice President in Lafarge Group, Mr Roux, who holds joint French and American natio...
Steppe Cement revises Kazakh full-year market outlook
Steppe Cement Ltd said Tuesday its third-quarter 2013 revenue was slightly ahead on the same period of last year and has upwardly revised its outlook for full-year Kazakhstan cement demand. For the three months to the end of September the company reported revenues of KZT7.24bn (US$46.9m), a marginal 0.13 per cent increase on the KZT7.23bn achieved in the corresponding quarter of 2012. For ...
JSW completes acquisition of HeidelbergCement India grinding unit
JSW Steel has completed the acquisition of HeidelbergCement India’s 0.6Mta grinding plant in Raigad, Maharashtra, for an undisclosed sum. The two companies signed the Business Transfer Agreements for the acquisition on 5 October, both said in respective filings with the Bombay Stock Exchange. ??"The transaction will be consummated only after obtaining all relevant approvals required under a...
Fitch rates Cemex outlook Stable
Fitch Ratings has assigned 'BB-/RR3' ratings to Cemex's proposed floating rate senior secured notes due in 2018 and senior secured notes due in 2021. The 2018 and 2021 notes will be guaranteed by Cemex Mexico, Cemex Concretos, Empresas Tolteca de Mexico, Cemex Espana, New Sunward Holding BV, Cemex Asia BV, Cemex Corp, Cemex Egyptian Investments BV, Cemex Egyptian Investments II BV, Cemex Fran...
ARM anticipates higher earnings growth
Kenya-based ARM Cement expects a slight acceleration in earnings this year as new capacity in Tanzania boosts volumes, its chief executive has said. Referring to his expectations for profitability and sales, Pradeep Paunrana told Reuters: “This year we are looking at increasing our top line and bottom line by 35 per cent over last year and next year we expect a similar growth.” The company...
Positive view on China Resources-Fujian Energy collaboration
Daiwa Research holds positive view on China Resources Cement's agreement with state-owned Fujian Energy to jointly develop and expand the cement and concrete business in Fujian Province. The research house expects the alliance with Fujian Cement should further increase CR Cement's market share in the province. While Fujian Cement's earnings capability looks weak (it reported net losses for 2...