Cement News tagged: Corporate
Boral sells Indonesian unit to Siam Cement
As part of its plan to sell non-core assets, Australian building materials producer, Boral has sold its Indonesian business for US$315m to the Siam Cement Group of Thailand. Boral said it had finalised an agreement with the Thai conglomerate to sell its Indonesian construction materials business. Completion is scheduled for the end of fiscal 2011-12 and the proceeds will be used to pay down...
New SLV Cement dealer for GCC countries
Cachapuz Bilanciai Group has extended the representation of SLV Cement and SLV Platform solutions to new countries in GCC through the Rameez Kalbani FZC company. With this partnership, the SLV Cement solution will be promoted in the United Arab Emirates and Saudi Arabia. Rameez Kalbani FZC is an engineering, consulting and trading company located in Fujairah Free Zone, UAE, and is offeri...
Goldman Sachs keeps "buy" on HeidelbergCement
Goldman Sachs on Tuesday reiterated its "buy" recommendation and EUR43 share price target on HeidelbergCement. Despite the past above-average share price development, the stock remains his favourite in the cement sector, said analyst Will Morgan. The analyst believes that the tailwind from the second half of 2011 will continue also in 2012. Despite an expected slowdown of the growth, Heidelbe...
Jidong Cement completes private bond placement, China
Tangshan Jidong Cement announced today that it has finished a CNY1.91bn (US$302.8m) private placement to a Hong Kong-based investment company, China Business Newswire reports. Tangshan Jidong Cement Co issued more than 134.75 million new shares to the Hong Kong company at RMB 14.21 apiece. The shares account for 10% of Tangshan Jidong Cement Co's enlarged share capital.
Goldman Sachs cuts Buzzi Unicem's rating, Italy
Goldman Sachs downgraded its rating on Buzz Unicem to "sell" from "neutral" due to signs of slowdown in the construction sector in Europe and the high energy prices, SeeNews Italy reports. The US bank, however, revised up its price target on Buzzi Unicem to EUR6.70 from EUR6.30 in a report on the cement sector. The construction sector outperformed the market by some six per cent in the pas...
Jiangxi unit receives tax rebates, China
Jiangxi Wannianqing Cement announced on Tuesday that one of its units recently received CNY23.9m of tax rebates. The money will be counted into the unit's earnings in the first quarter of 2012, and CNY15.54m of the total shall be counted into the net profit of Jiangxi Wannianqing Cement Co, China Business Newswire reports.
Afyon Cimento sale expected in February – source
The sale of Turkish cement producer Afyon Cimento is expected to be completed in February and 3-4 binding offers have been received, a source close to the matter disclosed to Reuters. Ciments Francais, a unit of Italcementi, said last May it may sell its 51 per cent stake in Afyon Cimento either through a block sale to a strategic investor or a public offering.
Lucky Cement first-half boosted by higher prices, Pakistan
Pakistan’s Lucky Cement reported a net profit of PKR3.02bn (US$33.4m) in the 1HFY12, which is 107 per cent higher than the same period of last by a rise in demand and prices. The company's gross profit increased by 46.55 per cent during the half year as its net sales revenue improved by 27.82 per cent to PKR15.37bn against PKR12.03bn of last year. During the July-November period, prices...
Steppe Cement sees 31% rise in revenue, Kazakhstan
Kazakhstan-based cement producer, Steppe Cement, reported a 31 per cent rise in revenue in 2011 to KZT14.07bn (EUR71.77m) compared to KZT10.74bn in 2010. Cement sales rose to 1.23Mt, up 6.5 per cent compared to the 1.15Mt recorded in 2010. The company said it maintained its market share in 2011 despite increased competition after two new factories commenced production during the year. Overal...
Increased sales drive Yanbu Cement’s net profit higher
Yanbu Cement reported a 23 per cent rise in 2011 net profit to SAR529m (US$141.1m) due to an increase in sales. The Saudi Arabian producer added in a bourse filing that earnings per share were SAR5.04, up from SAR4.1.
Port Daniel cement plant project agreement, Canada
Société en commandite Gisement McInnis (McInnis) has entered into a partnership agreement with Cimbec Canada Inc to develop the Port Daniel cement plant and terminal project in the Gaspé Peninsula, Quebec, Canada. McInnis is a privately-held limited partnership controlled by Beaudier Inc., a private investment company held by the Beaudoin family. Agreements have been reached with ...
Holcim secures loan for new Indonesia plant
Holcim Indonesia has secured a US$150m to be used to expand its production capacity in Indonesia which this year is expected to be running at close to nominal grinding capacity. Bisnis Indonesia reported that the loan, which will be used to finish the construction of a new US$450m factory in Tuban, East Java, was provided by BNP Paribas and KWF IPEX-Bank of Germany. Construction of the 1.7Mt...
Martin Marietta continues pursuit of Vulcan
Martin Marietta Materials Inc, which began a hostile takeover of Vulcan Materials in December, released a list of five people it is pushing for election on Vulcan Materials' board of directors at Vulcan's annual meeting. North Carolina-based Martin Marietta filed a proxy statement with the Securities and Exchange Commission on Tuesday in connection with the proposal. It said in the statemen...
Fitch affirms ACC rating, India
Fitch Ratings has affirmed India-based ACC’s National Long-Term rating at 'Fitch AAA(ind)'. The outlook is Stable. The affirmation reflects ACC's pan-India presence with around 10% market share in 2010 and a relatively stronger credit profile compared with other cement manufacturers. The ratings factor in support from the parent - Holcim ('BBB'/Stable) - and the strong integration between Ho...
Siam Cement closing in on Vietnam acquisition
Thailand’s Siam Cement said on Wednesday it was interested in buying a stake in a Vietnam cement maker and expects to spend less than THB10bn (US$315m) on the acquisition, Reuters reports. Siam Cement, which has recently noted that it is seeking acquisition opportunities in Southeast Asia, expects to conclude details about the deal in the second half of this year, according to Chief Execut...
Siam Cement’s 4Q net profit drops, strong sales recovery expected
Thailand’s biggest industrial conglomerate, Siam Cement, recorded an 81 per cent drop in fourth quarter net profit due to the recent typhoon-triggered floods that hit the country last year as well as changes in the treatment of deffered tax. However, the company forecasts robust recovery in 2012 sales on post-flooding reconstruction, with further gains expected should the company complete any ...