Cement News tagged under: Malaysia

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Steppe Cement announces alternate directors

02 October 2020, Published under Cement News

Steppe Cement has announced that Gan Chee Leong and Charles Tingey have been appointed as alternate directors to the CEO, Javier del Ser Perez, and independent non-executive director, Rupert Wood, respectively, with immediate effect. The alternate directors will represent the CEO and non-executive director in board meetings held in Malaysia due to the impact of the COVID-19 pandemic on travel arrangements.

Malaysia’s CMS sees 64% drop in net profit

02 July 2020, Published under Cement News

Malaysia-based Cahya Mata Sarawak Bhd (CMS) reported a 32.5 per cent drop in revenue to MRY282.5m (US$65.9m) in the first quarter of 2020. Its cement segment saw revenues fall by 17.9 per cent to MRY120.2m and was the least-affected part of the business. Profit before tax declined 57.1 per cent YoY to MYR32.7m with the cement segment being the only one to record a profit. CMS’s cement business saw a 69 per cent rise in profit before tax to MYR144.7m. This resulted in a cement profit margin...

YTL Corp records 11% revenue increase

17 June 2020, Published under Cement News

Malaysia’s YTL Corp has reported a 65.6 per cent decline in net profit to MYR29.52m (US$6.9m) in the third quarter ending 31 March, compared to MYR85.79m in the year-ago period. However, the group’s revenue advanced 11.6 per cent YoY to MYR4.81bn from MYR4.31bn. For the nine-month period until March 2020, YTL Corp saw a 75.7 per cent YoY fall in net profit to MYR62.37m from MYR256.40m in the previous fiscal, while revenue increased 20.8 per cent YoY to MYR15.64bn from MYR12.95bn. The hi...

Hong Leong Asia grows stake in Tasek Corp

17 June 2020, Published under Cement News

Hon Leong Asia’s wholly-owned subsidiary, Ridge Star, has acquired 30,700 shares of Malaysia-based Tasek Corp at a value of around US$57,964, according to The Straits Times. Following this development, Hong Leong Asia now owns a 92.4 per cent stake in the company. Last month, Hong Leong Asia had submitted an unconditional voluntary takeover offer for the remaining shares of Tasek at MYR5.80 (US$1.36) per ordinary and preference share.

Southeast Asia’s capacity conundrum

09 June 2020, Published under Cement News

Southeast Asia’s vibrant cement industry faces a serious but not insurmountable challenge from the current COVID-19 pandemic. In the long-run, structural overcapacity will be the key force of change, as it exerts pressure on business models, forces consolidation and calls time on new capacity. Figure 1: ASEAN GDP growth rates, 2019A-2021F Southeast Asia, which in this article relates primarily to the 10 nations making up the Association of South East Asian Nations (ASEAN) includ...

Malaysia – finding its resolve

02 June 2020, Published under Cement News

Within southeast Asia, Malaysia represents one of the largest consumers of cement per capita. The lacklustre demand trends seen in the past 4-5 years were forecast to ameliorate in 2020 due to an influx of government-backed projects. However, as COVID-19 wreaks havoc on economies and industries, the impact on demand remains to be seen. By Manas Tamotia, LEK Consulting, Singapore. Given that Malaysia’s cement sector was showing a resolve to rationalise and yield long-term value, LEK...

APMC's Rawang plant to close for upgrade programme

27 May 2020, Published under Cement News

Associated Pan Malaysia Cement (APMC), a wholly-owned subsidiary of Malayan Cement, reportedly released the majority of its employees a few weeks ago, according to The Edge. Furthermore, company operations reportedly stopped last year, after YTL Cement acquired 51 per cent of Malayan Cement. In a response to a request for clarification from The Edge Malaysia, YTL Cement stated: "APMC’s Rawang plant, the nation’s first and oldest cement plant, will be undergoing a MYR200m (US$45.89m) rejuv...

Hong Leong Asia makes takeover offer for Tasek Corp

13 May 2020, Published under Cement News

Hong Leong Asia, which currently holds an 88.16 per cent stake in Malaysia’s Tasek Corp through two subsidiaries, has reportedly launched an unconditional voluntary takeover offer to acquire the remaining shares for around MYR83.9m (US$19.35m). The company, via its HL Cement and Ridge Star subsidiaries, had sought to take Tasek private last year, according to The Business Times Singapore. Tasek moved from a net loss last year to an MYR4.19m profit in its 1Q20 results reported last wee...

Tasek Corp reports 1Q20 results

06 May 2020, Published under Cement News

Malaysia’s Tasek Corp has posted a net profit of MYR4.19m (US$971,589) in the first quarter of 2020, compared with a net loss of MYR10.42m in the year-ago period. However, revenue declined 4.2 per cent YoY to MYR131.49m from MYR137.26m in the 1Q19. The cement sector saw an operating profit of MYR3.1m against a loss of MYR13m last year. However, sales volumes fell due to the close of operations related to the nationwide movement control order (MCO). Going forward, the company is expectin...

Malaysia's cement association praises decision to reopen plants

27 April 2020, Published under Cement News

Malaysia's Cement and Concrete Association (C&CA) has stated that opening cement factories under Phase 3 of the country’s Movement Control Order (MCO) will have a positive effect on the economy and save jobs. C&CA Chairman, Datuk Yeoh Soo Keng, said the cement industry provided over 100,000 jobs, both directly and indirectly. "C&CA lauds the government and the International Trade and Industry Ministry for their prompt action in allowing cement plants to resume operations to serve the l...