Cement News tagged under: corporate
Cemex To Swap Perpetual Debt For New Dollar Notes25 February 2011, Published under Cement NewsCemex said Friday it has reached a private agreement to swap perpetual securities for dollar-denominated notes due 2020 that will lower its obligations by around US$41m. The agreement with an institutional investor involves the exchange of EUR119.4m, equivalent to US$162.4m, of 6.277% perpetual debentures for US$125.3m of 9.25% senior secured notes due 2020, Cemex said in a press release. Cemex had net debt plus perpetual notes of US$17.05bn at the end of 2010 |
EAPC to convert yen loans, Kenya23 February 2011, Published under Cement NewsEast African Portland Cement Co (EAPC) plans to convert its yen-denominated loans into other currencies, Business Daily reported, citing managing director Kephar Tande. A currency swap is expected to be completed by mid-March, the Nairobi-based newspaper said. PricewaterhouseCoopers LLP was appointed to advise the company on the conversion, it said. EAPC has KES3bn (US$36.6m) to settle after it took a KES1.7bn loan in 1990, the newspaper said. |
Lafarge Morocco 2H profit drops as revenue falls23 February 2011, Published under Cement NewsLafarge Ciments, the Moroccan affiliate of Lafarge, posted a 17.6 per cent drop in second-half profit after under-performing rivals in sales amid a slowdown in demand which it expects to overcome this year, Reuters reports. The company reported a net profit of MOD726m (US$88.5m) for the six months through December, down from MOD881m a year earlier, based on Reuters calculations. For all of 2010, it earned MOD1.68bn, compared with MOD953m during the first half of last year and MOD1.86bn for... |
Handelsbanken raises target on FLSmidth22 February 2011, Published under Cement NewsHandelsbanken Capital Markets has hiked its share price target on Danish cement and mineral systems provider FLSmidth A/S to DKK590 from DKK560 and has confirmed its "buy" rating on the stock. |
JK Cement reports 96% drop in profits, India22 February 2011, Published under Cement NewsJK Cement reported a marked drop in standalone net profit for the quarter ended December 2010. During the quarter, the profit of the company declined 96.06% to INR18.30m (US$0.4m) from INR464.90m in the same quarter previous year. The company’s net sales for the quarter for the quarter rose 10.31% to INR4733.13m, while total income for the quarter rose 10.32% to INR4733.38m, when compared with the prior year period. |
Egypt’s National Cement 6-month profit up 50 per cent21 February 2011, Published under Cement NewsEgypt’s National Cement’s six-month net profit rose 50 percent from a year earlier to E£201.8m (US$34.32m), the stock exchange said on Sunday. The cement firm posted a net profit of E£134.7m for the July-December period in 2009. National Cement, majority controlled by state-owned Chemical Industries Holding Co, produces and trades cement, clinker and other related construction materials. |
Binani may succeed in bourse exit21 February 2011, Published under Cement NewsBinani Cement, a part of the Braj Binani group, may succeed in delisting its shares from Indian bourses with public shareholders tendering nearly 80 per cent of their shares in response to a recent buyout offer, according to persons familiar with the matter. Binani Industries, which owns 69.9 per cent stake in the cement maker, wanted to buy back the remaining shares from the public shareholders and de-list the company’s shares from the National Stock Exchange (NSE) and the Bombay Stock Exc... |
Lafarge to halve dividend21 February 2011, Published under Cement NewsLafarge proposed a 50 percent cut to its dividend and pledged to reduce debt by at least EUR2bn this year to protect its investment-grade credit rating. Net income was EUR62m in the fourth quarter, in line with analysts’ estimates, compared with a EUR38m loss a year earlier. Shareholders will be asked to approve a dividend of 1 euro a share, the Paris-based company said in a statement today. |
Carthage Cement to appoint new management, Tunisia21 February 2011, Published under Cement NewsA new chairman and new directors of Carthage Cement will be appointed provisionally and proposed for approval at the next Ordinary General Assembly, according to Hatem Garbouj, Deputy Director General at the cement plant’s Financial Statement. "For the sake of transparency, we asked two auditors of the Company, KPMG and FINOR, to examine all bank transactions receivable of the Company from January 1, 2009, i.e. the company’s starting date of start of the company to the date of preparation ... |
Jiangxi Wannianqing Cement to raise US$105m18 February 2011, Published under Cement NewsJiangxi Wannianqing Cement Co, Ltd, a China-based manufacturer and seller of Portland cement and Portland cement clinker, is planning to raise CNY692m (US$105m) through a private placement of 65 million shares at a price of CNY10.64 ($1.62) per share. |