Cement News tagged under: corporate
Taiwan’s Asia Cement launches US$350m bond issue20 January 2011, Published under Cement NewsTaiwan’s Asia Cement Corp (1102.TW) has launched a US$350m, five-year exchangeable bond issue, IFR reported on Thursday. The bonds are exchangeable into Far Eastern New Century shares, the report added. Citigroup, Goldman Sachs and UBS AG are the joint book runners. |
West Construction to acquire cement company19 January 2011, Published under Cement NewsXinjiang West-Construction intends to spend CNY20m of its self-owned capital to purchase a 100 per cent stake in Tianyu Huaxin Cement in Xinjiang province, reports 163.com, citing a company filing. The company will be able to enter the cement industry and ensure the sustainable development of the company through the acquisition, said West-Construction. |
Huaxin may acquire stake in Hubei Golden Dragon Cement19 January 2011, Published under Cement NewsHuaxin Cement Co is planning to acquire an 80% stake in Hubei Golden Dragon Cement Co Ltd from Shaanxi Golden Dragon Cement Co, Ltd. All the companies are based in China. Hubei Golden Dragon is a manufacturer of cement clinkers, while Shaanxi Golden Dragon is a cement manufacturing company. |
BBMG rises on plans to list through merger, China19 January 2011, Published under Cement NewsShares of BBMG Corp rose 3.7 per cent to HK$11.10 yesterday after the mainland cement producer issued its prospectus on its plans to list in Shanghai through a merger. BBMG would issue 410.4 million A shares at CNY9 (HK$10.60) each, with a total value of 3.69bn, to merge with Hebei Taihang Cement, a Shanghai-listed cement producer, said its prospectus, posted on the website of the China Securities Regulatory Commission (CSRC) yesterday. All 410.4 million issued shares will be swapped with ... |
Saudi Cement reports increase of 13.2% in annual net profits19 January 2011, Published under Cement NewsSaudi Cement announced the preliminary 2010 results, which showed net profit of US$175.8m, compared to US$155.3m in 2009 – an increase of 13.2 per cent YoY basis, according to a report by Beltone Financial. Net profit for the fourth quarter of 2010 stood at US$40.53m, YoY increase of 4.5 per cent, compared to 2009’s figure of US$38.79m. "The results have exceeded our expectations by 3.6%, on the back of increased operational efficiency and increased sales volumes in the local market, w... |
TCL to suspend debt servicing as group restructures19 January 2011, Published under Cement NewsTrinidad Cement Limited (TCL) said Monday that it will cease paying its debts until a new turnaround plan is crafted and agreed to by lenders and investors in the company. The cement group says a creditor’s committee has been convened and that an independent adviser is being hired as it moves to restructure its debt. One of the first tasks is the development of a new business plan for the regional operation, whose top and bottom line earnings have fallen in the recession as construction ma... |
Sberbank to control largest producer in Novosibirsk, Russia19 January 2011, Published under Cement NewsSberbank has appealed to the Russian Federal Antimonopoly Service for approval in its bid to receive a 51 per cent stake in Iskitimcement, the largest cement producer in the Novosibirsk Province with a capacity of 1.8Mta. The bank reportedly plans to receive shares currently owned by the RATM holding as a part of Iskitimcement’s debt restructuring. Iskitimcement owes Sberbank some RUB 3bn (€75m). Source: PMR Research |
Cemex to issue US$1bn in bonds18 January 2011, Published under Cement NewsCemex plans to issue US$1bn in junk bonds to help pay down debt, the company said late Tuesday. The company will price the senior secured notes due 2018 by January 11. Price talk on the notes indicates a coupon of 9% and an OID of 99.36. Cemex said it would use the proceeds for general corporate purposes, which could include repayment of outstanding debt Standard & Poor’s assigned a B rating to the proposed bonds. The rating agency also affirmed the company’s B corporate credit rating. La... |
Wagners seeks listing plans, Australia18 January 2011, Published under Cement NewsDirector and co-owner Denis Wagner said that Wagners is seeking a sharemarket listing in 2012 to increase its capital base and improve its position for acquisitions. Wagners recently appointed advisers Wilson HTM to study its options and is holding discussions with Westpac Banking Corporation on restructuring its debt facilities. Wagners is the third largest concrete and cement business in Queensland behind Cement Australia. |
Qassim Cement net slips, Saudi Arabia17 January 2011, Published under Cement NewsQassim Cement Company saw net profits for the fourth quarter and the year overall fall, as the company struggles in a tighter market as only one of two companies that failed to sell more last year than 2009. After-tax returns fell from SAR173.48m to SAR112.78m, down 35%, for the last three months of 2010 against the same period the previous year, though operating profits rose 19.21% to SAR122.75m and gross profit rose 11.4%. “The reason for the decline in the consolidated net profit durin... |