Cement News tagged under: Asia Cement

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Creditors seek to sell Hyundai Cement stake

24 May 2016, Published under Cement News

Creditors of Hyundai Cement seek to sell their majority stake in the South Korean cement producer as early as July, according to local news reports. State-run Korea Development Bank (KDB), the largest stakeholder of Hyundai Cement with a 27.94 per cent stake, and other creditor banks including KEB Hana Bank hold a combined 95 per cent stake. The speeding up of the sales process comes as uncertainties over the cement maker’s payment guarantee in the Pi City development project have bee...

China: Asia Cement and CNBM halt Shanshui offer

11 May 2016, Published under Cement News

Following nine months of consideration, Asia Cement and CNBM have said they will not proceed with plans to buy the shares they do not already own in Shanshui Cement. In a statement issued 10 May, the two companies, which combined own nearly 38 per cent stake in the Chinese cement maker, said they have concerns regarding the changes in Shanshui’s board, ongoing disputes and financial difficulties. They said the prolonged suspension of the shares has affected the ability to determine the va...

Asia Cement's appoints new CFO

15 April 2016, Published under Cement News

Asia Cement (China) Holdings Corp has appointed Wu Ling-ling as its new Chief Financial Officer, effective from 14 April 2016, reports News Bites Pty Ltd. Ms Wu, aged 49, has served as the CFO and Executive ViceP resident of Asia Cement Corporation since 2007. The former compamny CFO, Shao Ruey-huey, resigned from the position of executive director, CFO and authorised representative, due to her other career aspirations on 14 April 2016. Shao has confirmed that she has no disagree...

South Korea: six cement producers fined

05 January 2016, Published under Cement News

Six local cement makers have been fined a combined KRW199.4bn (US$167.6m) for fixing the prices of cement products and divvying up the market by South Korea's antitrust watchdog, the Fair Trade Commission (FTC). The charged companies are: Ssangyong Cement Industry Co, Tongyang Cement & Energy Corp, Hanil Cement Co, Sungshin Cement Co, Hyundai Cement Co and Asia Cement Co. These cement producers have allegedly colluded on cement prices by controlling output and market share in 2011, accordi...

Asia Cement issues 9M15 profit warning, China

14 September 2015, Published under Cement News

Asia Cement said it is expecting to record a net loss for the nine months ending 30 September 2015 compared to a net profit in the year-ago period. The expected loss is mainly attributable to the decrease in average selling price of the company's products and the foreign exchange loss from US dollar-denominated bank borrowings as a result of the devaluation of RMB. As a substantial portion of the Group's borrowings were US-dollar denominated which, in the past few years, had allowed ...

Asia Cement still chasing full control of Shanshui Cement

14 August 2015, Published under Cement News

Asia Cement plans to raise convertible debt to gain full control of China Shanshui Cement. In a filing to the Taiwan Stock Exchange, the group said it hopes to raise US$400m from a zero-coupon issue, its first equity-linked deal in just over two years. This will fund its proposed takeover of Shanshui in which it owns a 20.9 per cent stake. On Wednesday Asia Cement and state-owned China National Building Material (CNBM) announced a joint conditional cash offer to purchase all the outstanding...

Asia Cement 1H profit plunges, China

06 August 2015, Published under Cement News

Asia Cement (China) said its profit attributable to owners for the six months ended 30 June 2015 plunged 97.4 per cent YoY to CNY9.85m, attributable to the decrease in average selling price of the company's products. The revenue was CNY3006m, a decrease of 23.1 per cent from a year earlier. The gross profit margin on revenue dropped to 14 per cent from 24 per cent.

China: Asia Cement gives 1H net profits warning

27 July 2015, Published under Cement News

Asia Cement said it expects to record a substantially lower net profit for the six months ended 30 June 2015 as compared with the same period in 2014. The decrease in net profit in first half of 2015 was primarily attributable to the decrease in average selling price of the company's products compared with that of the corresponding period of the previous year. It is expected the interim results announcement will be issued by the end of August.

Asia Cement issues profit warning, China

28 April 2015, Published under Cement News

Asia Cement (China) said it expects to record a substantially lower  – over 95 per cent – net profit for the first quarter of 2015 compared with the same period of last year. The expected decline is being primarily attributed to the decrease in average selling price of the company's products compared versus that of last year. Its quarterly results announcement will be issued by the end of April.

Asia Cement in renewable energy schools project, Thailand

07 April 2015, Published under Cement News

Asia Cement, part of the Italcementi Group, has initiated the "25 Renewable Energy Schools Project" as part of the Thai cement producers corporate social responsibility, environmental and energy efforts. The project involves the installation of 4kW on-grid solar PV rooftops to be used alongside electricity distributed by the Provincial Electricity Authority (PEA) in 25 small and medium- sized schools. They are situated around three cement plants in Phra Phutthabat district located in Sarabu...