Cement News tagged: Corporate
SOTACIB’s new Kairouan cement plant begins production
A new cement plant located in the Rouissat region, Kairouan governorate, by the Société Tuniso-Andalouse du Ciment Blanc (SOTACIB), has begun producing its first cement according to a statement from Tunisia’s Ministry of Industry. The new facility has a capacity of 1.2Mta of cement and will strengthen total domestic cement production of 7.2Mt to 8.4Mt in late 2012. Abstracted from Business...
Raysut Cement to get US$166.2m loan to refinance debt, Oman
Oman's largest cement company by market value, Raysut Cement said its board of directors decided at a meeting on Wednesday to take a OMR64m (US$166.2m) term loan to refinance an existing five-year loan. The new loan, with a tenure of 10 years, will be provided by Oman-based Bank Dhofar. In mid-February 2012, the cement manufacturer said it booked a net profit of OMR14.95m in 2011, down from...
Tongli Cement posts 19.28% net profit fall, China
Henan Tongli Cement Co Ltd said on 11 April that it reaped a net profit of CNY25.99m in the first quarter of 2012, down 19.28% on-year, China Business Newswire reports. Basic earnings per share were CNY0.1. Meanwhile, the company's operating revenue dipped 3.6% on-year to CNY869m,
Hail Cement gets government fund for new plant, Saudi Arabia
Hail Cement Co said in a bourse statement yesterday that the Saudi Industrial Development Fund (SIDF) had agreed to extend a SAR300m (US$160m) loan. The Saudi Arabian cement producer will use the funds to complete the construction of its cement plant in Turbah, which is scheduled for completion in the first quarter of 2013. (Source: SeeNews Middle East and Africa).
Indian cement corporate announcements
UltraTech Cement has informed that the NJ Jhaveri has resigned from the board of the company with effect from 4 April, 2012, according to a filing to the Bombay Stock Exchange (BSE). Meanwhile, Shree Digvijay Cement Company has also informed the BSE that Alvaro Joao Serra Nazare, a director of the company has resigned from his directorship with effect of 1 April 2012.
East African Portland Cement shares reinstated, Kenya
Kenya's Capital Markets Authority has re-admitted shares of East African Portland Cement after a two-month suspension, saying doubts about the firm's ability to run its business had been quashed by continuous operations over the period. The shares had been suspended from trading on 17 January, to protect shareholders from a dispute between its board and the government, a 25 per cent sharehold...
Eurocement increases stake in Holcim, Switzerland
Russia's largest cement maker Eurocement has increased its stake in Holcim to 10.8 per cent, newspaper Handelszeitung reports in article to be published Thursday. Eurocement's owner, Filaret Galchev-Kaltsidis, has spent CHF100m (US$109m) to raise its holding from 10.1 per cent, the paper reports. "Our position in Holcim is now about 35 million shares, or 10.8 per cent. We have taken advant...
Yamama Saudi Cement 1Q12 net profit rises
Yamama Saudi Cement said Tuesday its first-quarter profit surged 54% on the year to SAR278m (US$74.1m) due to higher sales and improved operational efficiency. First-quarter earnings per share were SAR1.37 versus SAR1.33 a year ago, the company said in a statement posted on the Saudi bourse website. Operating profit for the three-month period rose to SAR287m, compared with SAR184m in the yea...
Fitch revises China Shanshui Cement Outlook
Fitch Ratings has revised China Shanshui Cement’s Outlook to Positive from Stable. The Outlook reflects an “improved competitive landscape in Shandong, Shanshui’s core market and the company’s reduced capex plans,” Fitch said in a statement. Discipline to stablise selling prices by adjusting production levels by key Chinese cement industry improved in 2011, especially in regional markets wi...
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...