Cement News tagged under: corporate
Calcestuzzi to be re-consolidated22 April 2011, Published under Cement NewsWith a ruling dated April 20, 2011, the court of Caltanissetta revoked in full the preventive seizure on Calcestruzzi S.p.A., and ordered the return of the company assets to entitled shareholders. As announced on March 4, 2011, since the conditions for the re-inclusion of Calcestruzzi in the Italcementi Group scope of consolidation now apply, the company will be re-consolidated as from January 1, 2011. The effects of the re-consolidation will be included in the Italcementi Group report for t... |
HeidelbergCement Ukraine appoints Elito to board22 April 2011, Published under Cement NewsThe shareholders of HeidelbergCement Ukraine (Dnipropetrovsk region), one of the largest producers of cement in Ukraine, removed William Gilmar from the supervisory board of the company at a general meeting on April 20 and appointed Ernest Elito to replace him. In addition, the shareholders re-appointed the following onto the supervisory board: Wieslaw Adamczyk, Ivan Kozurak, Andrzej Baltserek (chairman), Andreas Kern, Jerzy Los, and Klaus Schwind. HeidelbergCement Ukraine, which has been ... |
JPMorgan Cazenove launches coverage, positive on sector22 April 2011, Published under Cement NewsJPMorgan Cazenove has initiated coverage of stocks in the European building material sector, rating CRH (CRH), Holcim (HOLN.VX) and Saint-Gobain (SGO.FR) as overweight, Buzzi Unicem (BZU.MI), HeidelbergCement (HEI.XE) and Lafarge (LG.FR) as neutral, and Italcementi (IT.MI) as underweight, reports Dow Jones. JPMorgan points out that stocks in the sector have begun to outperform in recent weeks, up 13% in aggregate since mid March 2011, adding: “The end of 2011 should see better conditions in ... |
Goldman Sachs raises ratings for majors, recovery more certain22 April 2011, Published under Cement NewsGoldman Sachs has raised Holcim (HOLN.VX) target to CHF81.70 from CHF72.40 on the assumption that global construction output has probably bottomed out, while retaining its rating at neutral. "Civil projects could remain pressured in some countries, but we don’t see this as enough to derail a steady recovery, with emerging markets continuing to grow well," said analyst Will Morgan. Lafarge and CRH were raised to buy from neutral, while Italcementi was raised to neutral from sell. |
Lafarge puts gypsum division up for sale22 April 2011, Published under Cement NewsLafarge Group has launched the sale of its gypsum business, according to a report in the Financial Times. A successful sale could raise at least €1bn ($1.45bn) which would be used to cut the cement major’s €16bn debt burden. Prospective buyers received information brochures earlier in the week and a number of interested parties have already made themselves known, with KKR, Advent reportedly in the running. The sale is expected to generate EUR1bn (USD1.4bn) although some market sources stat... |
India: record profit for Malabar Cements21 April 2011, Published under Cement NewsPublicly-owned Malabar Cements Limited has made record profit of INR51.23 crore (US$11.57m) during the financial year 2010-11 as against INR30.31 crore (US$6.84m) last year. Capacity utilisation of the company also reached an all-time high of 138.5 per cent during 2010-11. The turnover of the company also touched new heights of INR278.93 crore in 2010-11, breaking the previous record of INR278.77 crore during the financial year of 2008-09. The highest profit the company had made earlier w... |
Brazil’s BRC to file for public company registration21 April 2011, Published under Cement NewsBrazilian cement project BRC Cimentos plans to file for a public company registration in the next 30 days, Chairman Felício Rosa Valarelli Jr said Wednesday. The company has set up an office in New York, defined the coordinators of its initial public offering and is now working on the prospectus to be presented to the market. BRC will offer 40- 50% of the company’s shares in the IPO and proceeds will be used to finance the construction of four plants as well as the purchase of new limeston... |
Peru’s Cementos Lima 1Q2011 net income soars21 April 2011, Published under Cement NewsPeru’s biggest cement producer, Cementos Lima SA, posted 1Q2011 net income of PEN70.58m (US$25.21m), compared with PEN55.44m (US$19.6m) in the same quarter in the previous year. The increase was due mainly to higher cement sales which rose on house-building and private sector demand, as well as good business management, the company said. Revenue totalled PEN279.16m, compared with PEN259.49m in the same period a year earlier. The company said cement production in the first quarter was 828,... |
Tien Son Ha Tay to pay dividend, Vietnam20 April 2011, Published under Cement NewsVietnamese cement producer, Tien Son Ha Tay Cement JSC (TSM), will pay a cash dividend of VND2,000/share for 2010. The payment will be made May 26, the Vietnam Securities Depository said on its website. In 2010, TSM netted a profit of VND7.75bn (US$0.4m) on revenues of VND107.37bn compared to VND9.22bn and VND102.35bn (US$4.91m) in 2009, respectively. |
Lafarge Malayan Cement down 3.3% on Singapore tax news20 April 2011, Published under Cement NewsLafarge Malayan Cement is down 3.3% at MYR7.13, underperforming the broader market. A local dealer saying the stock is under some selling pressure after the company says the Income Tax Board of Review of Singapore has dismissed an appeal by its wholly-owned unit LMCB Holdings against additional tax assessments from Singapore’s Inland Revenue Authority. Lafarge says it has "strong grounds" to file an appeal to the High Court but "in the event the final decision is not favourable...the total... |