Cement News tagged: Corporate
Jaypee to launch open offer for Andhra Cements shares
Jaypee Development Corp is set to launch an open offer for the acquisition of INR7.63 crores shares of Andhra Cements at INR12/share, according to reports by the Economic Times on India. Existing Andhra Cements shareholders would be able to tender their shares by February 8, the company said in a statement. Jaypee had inked an agreement with some Andhra Cement prompoters/promoter group fir...
Lafarge Malayan Cement announces new appointments
Lafarge Malayan Cement Bhd had appointed British national Bradley Peter Mulroney as its president and chief executive officer and Malaysian Chen Theng Aik as executive director. Bradley Peter, 49, had initially started off his career with Redland Plc, which was acquired by Lafarge in 1996, and then became general manager. Chen, 45, was previously senior vice-president, finance and chief fina...
EAPCC operations likely to resume on Thursday, Kenya
East African Portland Cement Company (EAPCC) is expected to resume operations after the parties involved in a dispute have reached a solution. EAPCC chairman, Mark ole Karbolo, said that a “solution has been found” and that the board was meeting all stakeholders to agree on a return-to-work formula, All Africa news reported. "It is the intention of the board that the company resumes oper...
Bank of America to arrange investor meetings for Cimento Tupi, Brazil
Brazilian cement producer, Cimento Tupi has enlisted Bank of America Corp to arrange meetings with bond investors as the company looks to expand cement capacity in its thriving domestic market. Bloomberg reported that the meetings are scheduled to run from 23-25 January in Europe and the US, a source close to the situation said. In May 2011, the company sold a US$100m bond with a seven-y...
Martin Marietta bid backed by large shareholder
One of the largest shareholders of both Vulcan Materials Co and Martin Marietta Materials Inc (MLM), South Eastern Asset Management Inc, has backed the proposed combination of the two companies. Southeastern said it supports Martin Marietta’s hostile bid for Vulcan, according to reports by Bloomberg. Towards the end of last year, Martin Marietta offered to exchange 0.5 shares for each Vulca...
UltraTech 3Q net profit rises 93% on improved demand
India’s largest cement producer, UltraTech Cement, reported a 93 per cent rise in 3QFY12 net profit thanks to a double-digit rise in cement demand but energy costs continue to weigh on the company's margins. However, the company says it is on-track with its expansion programme, namely two clinker plants which will raise capacity by 92Mta in just over a year's time. The Aditya Birla Group co...
Deutsche Bank maintains “buy” rating on HeidelbergCement
Deutsche Bank has retained its “buy” recommendation on HeidelbergCement and affirmed the EUR42.00 share price target.
Cemex in talks with Ireland’s Readymix for buyout
Readymix plc announced it had begun talks with Cemex Espana which has expressed interest in taking full control of the company. In a statement, Readymix said it had been informed by Cemex Espana’s Readymix Investments that it would be ready to make a EUR0.22/share cash offer to buy the shares not already owned by the Cemex Group. Readymix noted that Cemex’s approach was preliminary and a...
New general director of Lafarge France announced
Pascal Casanova has been named general director of Lafarge France. Mr Casanova joined Lafarge in 1999 after having worked with other construction firms. More recently he served as research and development director since 2008.
Hoang Mai Cement 2011 pretax profit, Vietnam
Hoang Mai Cement posted a pretax profit of VND151bn (US$7.19m) last year with revenues of VND1.47Mt. The company, listed on the Hanoi Stock Exchange, targets a pretax profit of VND179bn on revenues of VND1.6trn for this year, Vietnam News Brief Service reports.
Flood factor hits Siam Cement 4Q11, Thailand
Siam Cement is expected to report weak 4Q11 net profit of THB3.3bn across all units, a fall 80 per cent YoY and 55 per cent QoQ, due to major floods which hit Thailand in the second half of last year. SCB Securities expect that, excluding extra items, 4Q11 normalised profit is estimated at THB4.8bn, down 28 per cent YoY and 23 per cent QoQ, dragged down by flood-damaged earnings across all ...
Votorantim to use stake sale to invest in cement, mining division
Proceeds from the sale of Votorantim’s stake in steelmaker Usiminas will be used to fund expansion in its cement and mining divisions, Chief Executive Faul Calfat has said. Calfat told Valor Economico newspaper that the BRL2.4bn (US$1.34bn) recieved for Votorantim Industrial’s 13.5 per cent voting stake in Usiminas had boosted the group’s cash holding to BRL11.5bn. The group’s cement uni...
Indian producers expected to post 3Q gains
Increased selling prices and improved sales volumes are expected to help Indian producers post a higher net profit for the October-December 2011 quarter. Aditya Birla is expected to report a 48 per cent rise in net profit to INR4.72bn and a 21 per cent rise in sales to INR44.82bn, according to an average of estimates by 10 analysts polled by Dow Jones Newswires. ACC is forecast a 53 per ...
Tongli Cement acquisition, China
Henan Tongli Cement plans to acquire 100 per cent of Yima Coal Industry (Group) Cement Co Ltd from its majority shareholder Yima Coal Industry (Group), Sinocast reports. In view of the fact that the target company’s net assets are estimated to be negative CNY15.68m, the equity transfer price is CNY1. However, because the cement company is heavily in debt, Tongli Cement will provide CNY440m e...
East African Portland suspended from trading on bourse
Shares of East African Portland Cement (EAPCC) have been suspended from trading on the Nairobi Stock Exchange for 60 days by the Capital Markets Authority, The Standard of Kenya reports. The suspension is to protect investors from the on-going boardroom dispute at the Kenyan cement producer which began on 23 December 2011 with the suspension of MD, Kepha Tande, and board members over allega...
Tongli Cement expects 83% rise in net profit
Chinese cement producer, Henan Tongli Cement, expects an 83 per cent rise in net profit for 2011 at CNY235m, up 83 per cent YoY. Earnings per share for the Henan Province-based producer are reported to be CNY0.93. Source: China Daily Newswire