Cement News tagged: Corporate
Cementos Argos to issue shares to finance expansion, Colombia
Colombia’s largest cement producer Cementos Argos plans to issue up to 250m preferred shares to finance an expansion plan, the company said on Tuesday. Argos has set a range of between COP7700-9300 (US$4.20 to US$5.07) per share for the offering, the company said in a statement to Colombia's financial regulator. Argos is expected to give more details later this week, according to market sour...
Ciments Francais names Jean-Paul Meric chairman, France
French cement producer Ciments Francais has promoted deputy director general Jean-Paul Meric to chairman, replacing Yves-Rene Nanot. Mr Nanot has been nominated honorary chairman of the company and will continue as a director, taking part in the work of the board. "The close collaboration established with Yves René Nanot shortly after the acquisition of Ciments Français by Italcementi ...
Pakistan FDI increases substantially
Pakistan's cement industry received US$6.3m in foreign direct investment (FDI) between the July 2012-March 2013 period, the country's Central Bank reported on 16 April. The amount is 294 per cent more than the corresponding period of the previous year (July 2011-March 2012), when FDI was US$1.6m.
Tangshan Jidong Cement net profit drops 88.19%, China
Tangshan Jidong Cement net profit drops 88.19 per cent, China Co Ltd net profit slumped 88.19 per cent, the company said in a statement. Operating revenue slid 7.09 per cent YoY to CNY14.61bn (US$2.36bn), with basic earnings per share of CNY0.13. The company plans to pay a cash dividend of CNY1 (including tax) for every ten shares held. Jidong Cement plans to produce 72Mt of cement in 2013, ...
CRH names five representatives to Cementos Lemona board, Spain
CRH has named five representatives to the board of directors of Spanish cement producer Cementos Lemona. In February, CRH acquired Cementos Lemona in exchange for its 26.4 per cent stake in Cementos Portland Valderrivas. The five new members joined the board after a recent extraordinary shareholders meeting. Minority shareholders will not have representatives on the board. Cementos Lemona...
Saudi Cement net profit rises on improved efficiency
Saudi Cement Company said net profit in the first quarter of 2013 rose 4.5 per cent YoY, attributed to an increase in output thanks to improved operating efficiency. Net profit for the three months ending 31 March 2013 reached SAR340.3m (US$90.6m), compared to SAR325.6m posted in the same period of last year. The increase was also a 22.5 per cent rise on the SR277.7m recorded in the prev...
Fitch affirms Siam City Cement rating, outlook Stable
Fitch Ratings (Thailand) Limited has affirmed Siam City Cement Public Company Limited's (SCCC) National Long-Term rating at 'A(tha)', its National Short-term rating at 'F1(tha)' and its senior unsecured debentures at 'A(tha)'. The Outlook is Stable. The ratings reflect SCCC's leading market position as the second-largest cement and ready mixed concrete producer in Thailand. This has helped ...
Vinaconex plans to sell stake in Cam Pha Cement, Vietnam
Vietnam Construction and Import-Export JSC (Vinaconex), plans to sell a 70 per cent stake in Cam Pha Cement JSC as it continues with its plan to divest in non-core operations. Vinaconex is seeking shareholders approval to sell the shares to foreign partners at below the par value of VND10,000 each, but not lower than Cam Pha’s book value. According to local press reports, two companies h...
Improved outlook for Asia Cement Corp in 2013
Taiwanese producer Asia Cement Corp is expected to return to a path of growth this year driven in part by earnings growth from its operations on mainland China, a recent report by HSBC has said. Last year, Asia Cement’s net profit plunged 38 per cent to TWD6.24bn (US$208.3m), which was 16 per cent lower than HSBC’s forecast. However, the Taipei Times reports that HSBC analyst Elaine Lam ret...
Sinoma makes Indian acquisition
Sinoma International Engineering (Hong Kong) Co Ltd, part of China National Materials Group Corporation Ltd, has acquired a majority stake in India-based cement equipment manufacturer LNV Technology Pvt Ltd. According to the agreement, Sinoma International Engineering has purchased a 68 per cent share in LNV Technology while joint venture partners Mr VC Rao, managing director of the Chennai...
Tanga Cement annual sales reach record high, Tanzania
Tanga Cement said its cement sales last year crossed the 1Mt mark – the highest in the Tanzanian cement producer’s history. Sales at the company, which produces the Simba Cement brand, rose by 21 per cent to TZS257.92bn (US$158.8m) thanks to increased exports which rose by 55 per cent YoY. Pretax profit rose to TZS55.93bn from TZS37.08bn an net profit increased by 52 per cent YoY. Commen...
Moody's: West China Cement's medium-term notes issuance is credit positive
Moody's Investors Service says West China Cement's (WCC) issuance of medium-term notes (MTN) totalling CNY800m (US$129m) for three-years at 6.1 per cent is credit positive. The notes were issued on 28 March 2013 through WCC's indirectly wholly owned onshore subsidiary Yaobai Special Cement Group Co Ltd, which owns the vast majority of the group's assets in Mainland China. The proceeds from t...
Votorantim Cimentos files request for IPO of shares
Brazilian cement and concrete producer Votorantim Cimentos SA has filed a request with regulators to list its shares in the local stock exchange to finance its expansion plans. In its preliminary prospectus, the company did not reveal the amount to be raised or the volume of shares to be sold. In January, Dow Jones reported the company was planning to raise around BRL6bn (US$3bn) from an IP...
Yamama Cement 3Q net profit remains flat YoY
Saudi cement producer Yamama Cement Company said yesterday that according to preliminary results, its net profit stood at SAR277m (US$73.9m) for the first quarter of 2013, almost unchanged from SAR278m a year ago due to lower prices. The earnings per share remained stable at SAR1.37. Gross profit declined to SAR293m from SAR300m.
Steppe Cement's quarter sales volumes slip 2%
Kazakhstan-based producer Steppe Cement reported a two per cent drop in sales volumes for the first three months of the year. In a recent trading statement, the company said it sold 166,121t of cement in 1Q13 compared to 170,080t in the 1Q12. However, revenue rose 13 per cent YoY to KZT2272m (EUR11.6m). The company said it chose to maintain high cement prices during the quarter due to pr...
Yanbu Cement 1Q13 net profit surges on expansion, Saudi Arabia
Yanbu Cement announced that, according to preliminary figures, its net profit for the first quarter of 2013 surged by 70 per cent YoY, on the back of increased capacity. Net profit for the three months to the end of March 2013 rose to SAR247m (US$65.9m) according to the preliminary data. Earnings per share stood at SAR1.57, up from SAR0.92. "The increase in the current quarter profit com...