Cement News tagged under: Acquisition

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Readymix agrees to Cemex buy-out offer, Ireland

09 April 2012, Published under Cement News

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 sanction the scheme. It is expected that the court hearing will be held on May 8. Cemex made an ...

Athi River Mining: East Africa expansion

02 April 2012, Published under Cement News

Kenya-based cement producer Athi River Mining (ARM) earlier this week reported a significant rise in 2011 cement sales on the back of new domestic cement capacity. The company is now nearing completion of the first of three projects in the Tanzanian market and has secured additional funds for expansion as it seeks to harness increasing demand in the promising East Africa region. I n 2011, group turnover rose 37% YoY to KES8.2bn (US$99m) as cement sales increased 72%. This was helped by “t...

YTL plans more acquisitions, Malaysia

30 March 2012, Published under Cement News

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 Tuesday, declining to be more specific. The company might boost dividend payouts to the highest lev...

Athi River pretax profit rises, Kenya

28 March 2012, Published under Cement News

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 year but operating margins were down two per cent in 2011 mainly due to the “rapid increases in cost of...

TCC International reports 38% rise in revenues

26 March 2012, Published under Cement News

TCC International Holdings Limited together with its subsidiaries reported a 38.6 per cent rise in revenues on the back of exceptionally strong demand during the low season in the first half of 2011 and increase in product average selling price. For 2012, it plans to consolidate its position further through organic and vertical integration. Revenue increased from HK$8.1bn (US$1bn) in 2010 to HK$11.26bn in 2011 while net profit reached HK$2.88bn from HK$1.53bn the year before. The group...

UltraTech Cement in talks to buy northeastern plant

22 March 2012, Published under Cement News

UltraTech Cement, the largest cement producer in India, is in talks to buy north-eastern cement producer Adhunik MPS Cement’s Meghalaya plant for over INR7bn., according to reports from the Economic Times (ET) of India. The report said that the 1.5Mta cement facility will boost UltraTech Cement’s presence in the fast-growing but largely untapped northeastern market. A multinational cement producer is also reported to be interested in the unit, the ET notes.

West China net profit down, acquisition announced

20 March 2012, Published under Cement News

West China Cement said its net profit for the year ended 31 December 2011 declined by 28.43 per cent YoY to CNY662m (US104.7m). Meanwhile, basic earnings per share were about CNY0.16. Meanwhile, the Hong Kong-listed cement producer said its wholly-owned subsidiary has inked an agreement to buy a 55 per cent stake in Shaanxi Province-based cement company Shaanxi Shifeng Cement for CNY402m. According to the agreement, West China Cement has been granted an option to acquire another 10 per c...

Semapa announces Brazil investments

19 March 2012, Published under Cement News

Semapa, a Portuguese holding company that controls cement maker Secil, will invest about EUR300m (US$394m) in Brazil’s cement industry, Diario Economico reported, citing the prospectus of Semapa’s bond sale. Semapa will invest about EUR240m in a new plant in Brazil after it agreed to buy a 50 per cent stake in Supremo Cimento SA, the Portuguese newspaper said, citing the document for the planned sale of as much as EUR150m of Semapa bonds. (Source: Bloomberg)

FLSmidth to tap market for air pollution control equipment in China

09 March 2012, Published under Cement News

FLSmidth has achieved authority approval of its first acquisition in China. Together with a minority shareholder, FLSmidth has started a company to market and sell air pollution control products to the cement industry in China. This local company is groundbreaking for FLSmidth as it combines local presence and relations with global technologies and resources. It will make FLSmidth, overnight, a powerful player in the multibillion dollar Chinese market for environmental control technologies. ...

Shriram EPC to buy 68% stake in Jayajothi Cement, India

07 March 2012, Published under Cement News

Shriram EPC confirmed it would buy a 68 per cent stake in Sree Jayajothi Cements Ltd, along with its group companies, reports the Business Standard of India. The acquisition will be carried out by Shriram EPC and a special purpose vehicle floated by other Shriram Group companies. Last month the paper reported that the Shriram Group was planning to acquire a stake in the Andhra Pradesh-based cement producer by converting its dues into equity. Speaking to Business Standard, Shriram EPC m...