Cement News tagged: Corporate
China Tianrui sees 1H net profit down 30%
China Tianrui Group Cement said it expects net profit to be down around 30 per cent for the first half of 2012 compared to the same period of last year. The company said that since the second quarter of 2012, there has been a rebound in market demand for cement products in Central China and Liaoning province and the sales volume and selling prices of cement products of the company has gener...
Personnel change in the Supervisory Board of HeidelbergCement
Prof. Dr. Marion Weissenberger-Eibl has been appointed as a member of HeidelbergCement's Supervisory Board in the capacity of shareholder representative. She succeeds Dr.-Ing. Herbert Lutkestratkotter, who had resigned from his position for personal reasons. Her term of appointment will expire on the occasion of the by-election held at the next Annual General Meeting of HeidelbergCement AG on ...
Standard & Poor's puts Cemex 'B-' rating on watch negative
Ratings agency Standard & Poor’s (S&P) may cut the credit rating on Cemex and its key operating subsidiaries following the cement major’s recently announced refinancing proposal. Cemex’s debt is rated B- by S&P. Last week Cemex announced a proposal to refinance US$7.3bn in bank debt, including a three-year extension on debt due in 2014 and an initial US$1bn payment to lenders by March 31, 20...
Siam Cement to review capex plans, Thailand
Thai conglomerate Siam Cement Group (SCG) is reviewing its THB150bn, five-year investment plan in light of the effects of Europe’s sovereign debt crisis, the Bangkok Post reports. According to Kan Trakulhoon, president and CEO of SCG, the revision reflects weak demand for the company’s products on the global markets. The current plan calls for capital expenditure of THB150bn to be spent bet...
Sichuan Shuangma Cement in private placement, China
Sichuan Shuangma Cement Co Ltd, a Shenzhen-listed producer and distributor of cement, said on 2 July 2012 that it plans to issue no more than 121 million shares to 10 designated investors at CNY7.42 a share to raise up to CNY903m. The funds raised from the issuance will be used to acquire a 25 per cent stake in a Dujiangyan, Sichuan-based cement company from Lafarge China Offshore Holding Co ...
Republic Cement Corp changes name, Philippines
In a disclosure to the Philippine Stock Exchange on Tuesday, Republic Cement Corporation changed its corporate name to Lafarge Republic Incorporated. Also, as part of their by-law’s amendments, their corporate seal shall bear the amended name of the corporation. The Securities and Exchange Commission had earlier approved the change in corporate name.
Sinoma Intl warns of 30-50 per cent drop in 1H net profit
Sinoma International Ltd announced yesterday that it expected its net profit to drop 30-50 per cent YoY in the first half of this year. In the first six months of 2011, the company's net profit was CNY739m. The company said the significant drop in net profit was in part due to a loss from an overseas project. In 2011, the company's net profit attributable to shareholders of the company sur...
CRH first-half development spend EUR0.25bn
CRH plc has completed 18 acquisition and investment initiatives undertaken during the first-half of 2012. The 18 transactions, comprising five in Europe and 13 in the Americas, bring first-half development spend for the Group to approximately €0.25bn, the group said in a development strategy update today. The European deals amounted to an investment of EUR155m. These transactions include a ...
Lafarge places seven-year EUR500m bond
Lafarge placed today, under its Euro Medium-Term Note program, a EUR500m bond with a seven year maturity and fixed annual coupon of 5.875% to institutional investors. While Lafarge had no immediate refinancing needs, the company said: “proceeds of this bond issuance will reinforce the already strong liquidity position of the Group.” The settlement and issuance of the bond are expected to o...
Defending profitability key for European companies
Fitch Ratings says that the ability to defend profitability in emerging countries is the most critical issue for the rating of the European cement companies rated by the agency, Holcim Ltd. ('BBB'/Stable), Lafarge SA ('BB+'/Stable) and HeidelbergCement AG ('BB+'/Stable). In its special report, Fitch compared the current financials of the major European cement companies to the pre-crisis situa...
Semen Baturaja plans IPO in November, Indonesia
State-owned Semen Baturaja plans to float shares on the Indonesian Stock Exchange in November, according to president director Pamudji Rahardjo. Speaking to the Jakarta Globe, Mr Rahardjo said: “Our target for the initial public offering (IPO) date is October, so the shares can be listed in November.” He reiterated that the company’s target is to raise IDR1.2trn (US$128m) from the IPO. “...
Gansu Qilianshan Cement issues profit warning
Gansu Qilianshan Cement Group expected its first-half net profit to fall at least 50 per cent YoY and follows warnings from other industry peers. According to reports in China Knowledge, the company said in a statement filed with the Shanghai Stock Exchange that the sharp decrease in net profit was due to a significant YoY decline in cement price amid weak demand. Anhui Conch has also is...
New order for Fritz & Macziol Asia from Holcim, Philippines
Fritz & Macziol Asia, Inc in Manila was recently awarded with the implementation of Fritz & Macziol’s dispatch and logistics solution VAS® in all four Holcim cement plants and in one terminal in the Philippines. “With automated truck weighing process, we will be able to spend more time in value-adding processes and spend more time with our customers and business partners,” said Holcim Phili...
Fitch migrates Binani Cement to non-monitored, India
Fitch Ratings has migrated India-based Binani Cement Limited's (BCL) National Long-Term 'Fitch A(ind)' rating with a Negative Outlook to the non-monitored category. This rating will now appear as 'Fitch A(ind)nm' on the agency's website. The ratings have been migrated to the non-monitored category due to lack of adequate information, and Fitch will no longer provide ratings or analytical cove...
Cemex expects to launch debt exchange offer next week
Cemex expects to launch a debt exchange offer next week, a top company official told Reuters on Friday. The offer is part of a new refinancing deal it proposed to creditors in New York on Friday. A second presentation to its lenders in Madrid will take place today. Maher Al-Haffar, Cemex's vice president of corporate communications and investor relations, said the debt refinancing could ...
CNBM to inject capital into North Cement, China
China National Building Material (CNBM) said it has entered into a capital contribution agreement with Jingang Group and Shanghai Zhentong with a view to contributing capital to North Cement, according to local press reports. CNBM will contribute about CNY2.81bn into capital of North Cement, with its interest in North Cement increasing to 70% from 55%. Jingang Group will contribute CNY437.5m,...