Cement News tagged under: corporate
Fitch revises Votorantim’s outlook to stable, Brazil05 April 2011, Published under Cement NewsFitch Ratings has assigned a ’BBB-’ rating to Votorantim Cimentos SA’s (VCSA) US$750m bonds due in 2041. These bonds have been fully and unconditionally guaranteed by Votorantim Participacoes SA (VPAR) and Votorantim Industrial SA (VID). Proceeds from this issuance will be used to refinance existing debt. The revision in VPAR’s Outlook to Positive from Stable is a result of the strong performance of the company’s industrial group, VID, during 2010. The change also reflects the favorable nea... |
S&P downgrades Greek Titan to BB, warns of further cuts05 April 2011, Published under Cement NewsS&P today cut to BB from BB- the long-term corporate credit and issue ratings on Greek cement maker Titan Cement Co SA while keeping intact its B short-term rating. The service also continued the "negative" watch on the long-term corporate credit and issue ratings, meaning further negative action is possible. The downgrade follows the same action on the sovereign to which the cement manufacturer is heavily exposed. The Greek market accounted for around 32% of the group’s sales and 28% of i... |
YTL Cement scraps exchangable bond sale, Malaysia05 April 2011, Published under Cement NewsMalaysian cement producer YTL Cement Bhd. (YTLC) has scrapped a US$200m exchangeable bond sale after “taking into consideration its current operational requirements and funding options,” according to a company statement. Source: Bloomberg |
Dr Commaraswamy appointed to Tokyo Cement Board, Sri Lanka05 April 2011, Published under Cement NewsSri-Lankan born ad international economist Dr Indrajit Coomaraswamy has been appointed as a non-executive independent director to the Board of Tokyo Cement Company (Lanka) Plc and its subsidiary companies, with effect from March 14, 2011. Dr. Coomaraswamy is an experienced development professional with a 30-year track record of policy-making and providing economic advisory services at national and intergovernmental levels. This involved working extensively on both macroeconomic and structur... |
Morgan Stanley exists Shanshui Cement04 April 2011, Published under Cement NewsMorgan Stanley private equity has sold a HK1.73bn (US$222m) block in China Shanshui Cement of China. The transaction cleared the last batch of Shanshui shares held by the US bank, which invested in the company before its IPO in 2008 and has made numerous sell-downs since April 2009. The shares were held by a fund owned by Morgan Stanley’s private equity unit, MSPE. The fund sold 246.7 million shares, representing 8.8% of Shanshui’s issued share capital, at a price of HK$7.01 apiece. |
S&P gives BBB to Votorantim Cimentos senior unsecured notes04 April 2011, Published under Cement NewsS&P said Thursday it had rated the senior unsecured notes, to be issued by Brazilian cement maker Votorantim Cimentos SA, at BBB. The notes will be guaranteed by parent company Votorantim Participacoes SA and its subsidiary Votorantim Industrial SA. The issue bears the same rating as the corporate credit rating on the parent, because of the guarantee it provides. Besides, Votorantim Cimentos generates the majority of the group’s cash flow and has low indebtedness. The rating mirrors the g... |
Cimentos Liz delays IPO on risk aversion04 April 2011, Published under Cement NewsBrazilian cement producer Cimentos Liz postponed on Friday a plan to sell shares to investors for as many as 60 days because of deteriorating market conditions. Terms and conditions for the offering could be revised, depending on market sentiment, the company said in a statement. Earlier in the day, the securities regulator CVM told Reuters it had not been notified of the decision by the company. |
Buzzi 2011 advance restrained by Italy & USA04 April 2011, Published under Cement NewsOn a turnover that was off by just 0.9% to €2648.4m in 2010, Buzzi Unicem’s underlying EBITDA was almost stable (-0.3%) at €540.2m. Once the €150.9m impairment charge on the Oglesby, Illinois cement works, other exceptional and extraordinary charges are taken into account, the trading profit (EBIT) was virtually eliminated to stand at just €0.3m. The net attributable loss for the year amounted to €63.5m compared with a €139.5m profit. Overall cement volumes improved by 4% to 26.6Mt and by ... |
Millennium Investment Banking cuts Cimpor price target04 April 2011, Published under Cement NewsMillennium Investment Banking has cut its price target for Cimpor from EUR7.20 to EUR6.80. The investment house recommends "buy " for Cimpor. Analyst John Matthew explains that the review comes after the investment house changed "the estimates and the method of calculation of capital costs" of Cimpor. "The major impacts come from the business areas of Brazil and Turkey, " while the market with the most negative impact is Portugal, according to a research note published today. |
Cementos Pacasmayo appoints new CEO, Peru04 April 2011, Published under Cement NewsHumberto Del Carpio Nadal has been appointed CEO of Cementos Pacasmayo SAA, Peru’s second largest cement producer behind Cementos Lima. Nadal replaces Humberto Lino A. Caballerino Abram who resigned from his post in January 2011. |