Cement News tagged under: Anhui Conch

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Moody's upgrades West China Cement to Ba3; stable outlook

25 August 2015, Published under Cement News

Moody's Investors Service has upgraded West China Cement Limited's (WCC) corporate family and senior unsecured ratings to Ba3 from B1. "The upgrade reflects the improvement in WCC's financial profile following the investment by Anhui Conch Cement Company Limited (A3 stable) in the company," says Franco Leung, a Moody's Vice President and Senior Analyst. At the end of June 2015, Conch had completed a subscription to shares equivalent to a 16.67 per cent equity stake in WCC. As a result, WCC...

Anhui Conch

24 August 2015, Published under Cement News

Anhui Conch has reportedly signed an agreement to construct a 2Mta cement plant in Ulyanovsk, Russia. Located on the Volga River in the west of the country, Ulyanovsk lies 893km from Moscow. The new plant is rumoured to be costing US$274m. Cement demand is expected to be strong in the region following the announcement of over 325 infrastructure projects over the last five years. Over half of these are due to be realised in 2015-2020 with some planned to finish closer to 2030. In total the ...

Fitch Ratings publishes Anhui Conch Cement’s Rating of 'A-'/Stable

10 August 2015, Published under Cement News

Fitch Ratings has published Anhui Conch Cement Company Limited's (Conch) Long-Term Foreign-Currency Issuer Default Rating (IDR) and senior unsecured rating of 'A-'. The Outlook on the IDR is Stable. The rating's agency notes that Conch is one of the largest cement producers in China. Its principle business includes the manufacturing and selling of cement, clinker and aggregate products. Its credit assessment is driven by its geographically diversified operations, low-cost advantages, strong...

Fitch revises West China Cement's Outlook to Stable, affirms 'BB-' Ratings

25 June 2015, Published under Cement News

Fitch Ratings has revised West China Cement Limited's (WCC) Outlook from Negative to Stable. Its Long-Term Issuer Default Rating (IDR), senior unsecured and bonds ratings have been affirmed at BB-. The change in Outlook reflects WCC's strengthened position in its core Shaanxi market and its improved leverage, following the recent equity placement to Anhui Conch Cement Company Ltd (Conch). Key rating's drivers Conch ties strengthen market leadership Collaborating with conch will stre...

Moody's reviews West China Cement's B1 ratings

22 June 2015, Published under Cement News

Moody's Investors Service has put West China Cement Limited (WCC) B1 corporate family and senior unsecured debt ratings under review for upgrade. On 19 June 2015, WCC announced that Conch International Holdings (HK) Ltd (unrated) – a wholly owned subsidiary of Anhui Conch Cement Co, Ltd. (unrated) -- would subscribe to shares equivalent to a 16.67 per cent equity stake in WCC. The subscription proceeds of about HKD1.5bn would be used for general working capital and for potential acquisitio...

West China Cement issues Conch International HK$1.53bn worth of shares

19 June 2015, Published under Cement News

West China Cement said Friday that it will issue HKD1.53bn (US$197.4m) worth of shares to to Conch International Holding, a wholly owned subsidiary of Anhui Conch Cement Company Ltd. The Hong Kong-listed company said it would use the proceeds for future acquisitions and investments. At HK$1.69 a piece, the issued shares are at a 0.59 per cent discount to the stock's last closing price. The total amount of shares represent 20 per cent of the company's issued share capital and 16.67 per cen...

Conch's 1Q15 earnings fall 31%

29 April 2015, Published under Cement News

Anhui Conch reported 1Q15 net profit of CNY1.7bn (US$274m), down 31 per cent YoY. Sales declined 11 per cent YoY driven by almost a 20 per cent decline in average selling prices. Due to the weak seasonal recovery in cement price, Jefferies expect 2Q15 earnings could decline 30 per cent year-on-year as well. "Seasonal recovery in cement price has been happening slower than expected due to weak demand growth. Cement price continues to fall well into April and is now 10-25 per cent lower t...

Anhui Conch full-year profit rises 17%

24 March 2015, Published under Cement News

Anhui Conch Cement Co's net profit rose 17 per cent in 2014 but warned that the cement sector in its home market of China was under pressure as the economy slowed. The company reported net profit of CNY11bn (US$1.77bn) in 2014, up from CNY9.4bn in 2013, it said in a filing on the Shanghai stock exchange. Some 23 analysts polled by Thomson Reuters SmartEstimate forecast a net profit of CNY11.5bn. Earning per share were CNY2.07. "Demand in the cement market is facing increasing pressure with...

Conch places new order with Claudius Peters, Myanmar

09 January 2015, Published under Cement News

Conch has awarded Claudius Peters an order for the supply of an ETA cooler to be installed in Myanmar. This new order takes the total number of Claudius Peters ETA coolers ordered by Conch to 22. The new order will be Conch's first ETA cooler, installed outside of China.

Conch Group unveils restructuring plan, China

30 December 2014, Published under Cement News

State-owned Conch Group of China has unveiled a plan to streamline shareholdings within the company.  The Anhui provincial government intends to convert its indirect controlling shareholding of Anhui Conch Cement Co and Wuhu Conch Profiles & Science Co into direct ownership, according to filings to the Hong Kong exchange on Monday.  Morgan Stanley said this might be an early step for the Anhui provincial government to exit from its shareholdings.