Cement News tagged: Corporate
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...
Buzzi Unicem boosted by strong Dyckerhoff advance
On a turnover that advanced by 5.2% to €2787.4m, Buzzi Unicem’s underlying EBITDA improved by 6.0% to €422.3m. With the non-recurrence of the exceptional charges seen in 2010, the trading profit (EBIT) jumped from €0.3m to 185.9m. After a net interest charge 3.7% lower at €99.8m a pre-tax profit of €84.3m emerged, an improvement on the previous year’s loss but still well below the €235.2m prof...
Dangote to list on London Stock Exchange – report
Nigeria-based cement producer Dangote Cement has mandated JP Morgan and Morgan Stanley to handle its London listing, according to a report in the Financial Times. Dangote Cement intends to float its stock on the London Stock Exchange in 2013 hoping to have made significant progress in its business expansion by next year, the paper reported. Dangote eyes a free float of 20 per cent and pl...
Jiangxi Wannianqing Cement net profit rises, China
Jiangxi Wannianqing Cement Co Ltd reported a 230 per cent YoY rise in net profit year due to an increase in sales volumes and higher selling prices. China Business Newswire reported that the company's net profit hit CNY506m (US$80m) last year, with basic earning per share reaching CNY1.28. The Shenzhen-listed company plans to distribute a cash dividend of CNY2.6 (before tax) for every 10 sha...
HSBC lifts Lafarge price target, upgrades Heidelberg
HSBC has lifted the share price target of Lafarge to EUR 37 from EUR 27 and reiterated its "neutral" recommendation. The broker considers that the construction sector is recovering from the consequences of the economic crisis. At the same time, HSBC upgraded HeidelbergCement AG to "overweight" from "neutral", as it sees the company to keep performing well. (Source: SeeNews France)
Deutsche Bank raises stake in Shanshui Cement, China
Deutsche Bank acquired 33.09 million shares in China Shanshui Cement Group Ltd at HK$ 5.55 apiece and for a total of HK$ 184m last Friday, China Business Newswire reported, citing information released by the Hong Kong Stock Exchange. After the purchase Deutsche Bank's stake in Shanshui Cement increased by 1.18% to 9.36%.
Lafarge Zimbabwe bullish on year ahead
Lafarge Cement Zimbabwe reported a 19 per cent increase in turnover of ZWD$49.7m (US$0.14m) in 2011 driven by rising local demand. Pretax profit was up 35 per cent to ZWD5m from ZWD3.7m the year before while net profit rose from ZWD3.5m from ZWD2.7m in 2010. Total cement sales for the year advanced by four per cent. Lafarge Zimbabwe chairperson, Muchadeyi Masunda said he remains bullis...
Credit Suisse lowers BBMG Corp target price
Credit Suisse lowered its target price for BBMG Corporation to HK$9.6 from HK$11.9, and maintained its "outperform" rating. The research house said the China-based producer reported weaker FY2011 results and CS has therefore revised down its earnings by 23% for 2012 to reflect the persistent pressure on cement margin. But it added that valuation remains undemanding at this point. Credit...
Inverargos shareholders approve name change, Colombia
Shareholders of Inversiones Argos (Inverargos), the investment arm of Colombia's largest cement firm Cementos Argos, approved a name change to Grupo Argos during a meeting held on 29 March. The group also approved an annual dividend of 212 pesos per share to be paid in four installments, according to a company release. Grupo Argos holds a 61.4% stake in Cementos Argos, and controls 50.1%...
China United Cement to issue bills
China United Cement Group Co, a unit of China National Building Material Co, plans to issue CNY1bn worth of 365-day unsecured bills on the interbank market today. Coupon rate will be determined in the process of book-building and the bills will be issued at face value. Both value date and payment due date is on 31 March and the to-be-issued bills tradable on April 1.?? Dagong Global Credit...
YTL plans more acquisitions, Malaysia
YTL Corp Bhd, the best performer on Malaysia’s benchmark index this year, may buy power, cement or property assets in Asia in the next six months to expand its business in the region, according to managing director Tan Sri Francis Yeoh said. The utilities and construction group had identified targets and might make a purchase in the second or third quarter, Yeoh, 57, said in an interview on...
Small-scale Ethiopian producers seek export permits
Following moves by larger Ethiopian cement manufacturers to secure export permits, two small-scale cement companies have also approached the government for licences. Of the 11 existing small-scale factories (with a capacity of less than 750,000tpa), East Cement and CK Clinker, officially requested the Ministry of Trade (MoT) to issue export permits, while others have sought information on th...
Texas Industries reports lower pre-tax losses
For the first nine months to the end of February, Texas Industries increased turnover by 5.9% to US$472.4m. After a net interest charge 29.4% lower at US$26.8m, the pre-tax loss declined by 41.8% to US$54.0m. However, a reduced tax credit meant that the net loss was just 5.5% lower at US$52.7m. The net debt at the end of February stood at US$627.3m to give a gearing level of 97.9%. Capital ...
Athi River pretax profit rises, Kenya
Kenya-based firm, Athi River Mining, posted a 23 per cent rise in 2011 pretax profit to KES1.36bn (US$16.4m), the company said while net profit came in at KES1150m. Turnover rose 37 per cent to KES8.2bn while cement sales increased 72 per cent helped by the commissioning of new capacities which came on-stream in late 2010. EBITDA rose 31 per cent from KES1.6bn in 2010 to KES2.2bn last yea...
Lafarge WAPCO reports 74% YoY net profit rise, Nigeria
Lafarge WAPCO’s net profit rose 74 per cent YoY to NGN8.51bn (US$397m) in the 12 months to December from NGN4.88bn a year earlier. The company said in a statement to the Nigerian Stock Exchange that sales advanced 43 per cent to NGN62.5bn. Lafarge WAPCO will pay a dividend of 75 kobo/share on 23 May, it said. The company took NGN45bn in loans to expand its plant in Ewekoro, western Niger...
PPC chief executive to step down at year-end, South Africa
The chief executive officer of South Africa’s Pretoria Portland Cement (PPC), Paul Stuiver, says he will stay on until the end of the to see the recruitment process for his successor through as his three year contract comes to an end. PPC is seeking a replacement for Mr Stuiver whose contract agreement ends in May. Mr Stuiver has agreed to stay on until year-end to allow for the completion ...