Cement News tagged under: Egypt
Arabian Cement Co first-quarter update23 May 2014, Published under Cement NewsArabian Cement Company (ACC) posted a EGP116.4m (US$16.3m) net profit for the first quarter of 2014. ACC was the first major listing on Cairo's bourse since the 2011 political uprising, raising US$110m. |
Egypt: Arabian Cement Co IPO over-subscribed15 May 2014, Published under Cement NewsEgypt's Arabian Cement Company's initial public share offer was 18.5 times oversubscribed, an official at advising bank CI Capital told Reuters on Tuesday. The offer raised US$110m with 85.2 million shares sold in the offer, placed at 9 Egyptian pounds ($1.28) per share, said Hesham Gohar, managing director for investment banking at CI Capital, which was co-bookrunner on the offer alongside EFG-Hermes. Arabian Cement said on Sunday it had set the price for its IPO at 9 Egyptian pounds a sh... |
South Valley seeks alternative energy sources13 May 2014, Published under Cement NewsEgypt-based producer South Valley Cement is seeking alternative energy sources as securing sufficient fuel to operate production facilities has become one of its key challenges. Speaking at a press conference earlier this week, the company said it has prepared studies for the use of coal and agricultural wastes. However, company officials said the application of alternative energy sources suggested by the government will take at least 12 months. South Valley Cement said it would requ... |
Egypt: Arabian Cement seeks to raise US$120m from IPO12 May 2014, Published under Cement NewsArabian Cement Company has set the price for its initial public share offer (IPO) at EGP9 (US$1.28) a share after a private placing was 11.3 times oversubscribed, the company said on Sunday. The offer, whereby Arabian Cement is seeking to raise around US$120m will make it the first major company to enter the stock exchange since the overthrow of Hosni Mubarak in 2011. The company plans to sell 85.202 million shares of which 59.641 million were placed. Last month it set an indicative pri... |
Egypt: Arabian Cement to raise US$100m through IPO07 May 2014, Published under Cement NewsArabian Cement aims to raise US$100m by listing on the Egyptian stock market, according to an official from top MENA investment bank EFG Hermes. The cement company has previously stated that it has set an indicative share price between EGP8.45 (US$1.20) and EGP9.55 (US$1.36). Trading is expected to begin on 21 May. Karim Awad, chief executive officer at EFG Hermes, said he was optimistic about the prospects for the listing of other state-owned enterprises on the Egyptian Stock Exchange. "... |
Egypt production disrupted by gas shortages02 May 2014, Published under Cement NewsSecuring sufficient fuel to operate production facilities has become one of the key challenges for Egyptian cement manufacturers with output rates dropping and input costs rising, leading to cement prices rising. Latest industry reports state that production has come to a halt at 10 cement plants following EGAS's decision to temporarily cut off the gas supply. The plants reportedly account for approximately 70 per cent of Egypt’s cement output. An official from the Federation of Egyptia... |
Egypt: ACC set for IPO29 April 2014, Published under Cement NewsEgypt-based producer Arabian Cement Company has set an indicative price range for its planned stock market listing at between EGP8.45 and EGP9.55 (US$1.37), with trading to begin on or around 21 May 2014, Chief Executive Jose Maria Magrina said on Monday. The deadline for buying orders will be on 8 May 2014 for private placement and 13 May for retail investors. The price of the initial public offering (IPO) will be announced on 10 May, he told Reuters in emailed statements. Magrina also to... |
Norton Rose Fulbright advises on Arabian Cement IPO in Egypt24 April 2014, Published under Cement NewsGlobal legal practice Norton Rose Fulbright is acting as international transaction counsel for the announced Arabian Cement Company (ACC) initial public offering (IPO) in Egypt and international institutional offering on the Egyptian Exchange (EGX). EFG Hermes and CI Capital are acting as Joint Global Coordinators in connection with the offering. ACC, the Egyptian cement producer, is majority-owned by Spain's Cementos La Union. The offering will involve a sale of shares by certain min... |
Egypt: ACC to start IPO roadshow next week15 April 2014, Published under Cement NewsEgypt's Arabian Cement Company (ACC) plans to start an international roadshow next week to float between 22.5-30 per cent of the company, its chief executive, Jose Maria Magrina, told Reuters on Monday. "Our target is the 14th of May to start trading and I think 12th of May end of subscription but that may change ... It depends on the result of the roadshow," Mr Magrina said. |
Egypt: Suez Cement increases dividend payout02 April 2014, Published under Cement NewsSuez Cement, part of the Italcementi group, will pay a cash dividend of EGP2.65/share (US$0.38), it said in a statement published yesterday. The company said it would make the payment in two phases. EGP1/share will be distributed in April, and the remainder of EGP1.65/share in September. Last year, Suez Cement paid a cash dividend of EGP1.65/share, according to Thomson Reuters data. |