Cement News tagged under: corporate
Fitch downgrades Binani Cement’s outlook to negative24 November 2010, Published under Cement NewsFitch Ratings has today revised the outlook on India’s Binani Cement (BCL) National Long-term rating to negative from stable, and simultaneously affirmed the rating at ’A(ind)’. The agency has also affirmed the ratings on BCL`s instruments, as follows: - INR11,948.8m long-term loans (enhanced from INR9448.8m): ’A(ind)’; - INR600m cash credit limits: ’A(ind)’; and - INR2510m non-fund based working capital limits: ’F1(ind)’. The outlook revision reflects increased risks stemming from th... |
Italy: Credit Suisse cuts Buzzi Unicem, Italcementi estimates24 November 2010, Published under Cement NewsSwiss bank Credit Suisse revised down on Tuesday the earnings-per-share (EPS) estimates and share price targets on Italian cement producers Buzzi Unicem and Italcementi after disappointing third-quarter results. The bank kept the stock ratings on the two producers at “outperform” and “neutral”, respectively. Italcementi’s share price target was reduced to €5.00 from €6.00 and the EPS estimates for 2010, 2011 and 2012 were cut by an average 46 per cent to €0.10 from €0.35, to €0.30 from €0.5... |
Dangote Cement plans London GDR issue24 November 2010, Published under Cement NewsNigeria’s biggest cement maker Dangote Cement will issue global depository receipts (GDR) to be listed on the London Stock Exchange next year, its chairman Aliko Dangote told Reuters on Tuesday. "We have actually made up our mind to do a GDR here in London. The structure is much better for us, it’s a market we understand very well," Dangote said in an interview. "We have to do it in stages, where we do a GDR first, then we will list going forward on the main market. We have an internal tar... |
Titan boosted by Albania24 November 2010, Published under Cement NewsTitan’s turnover for the first nine months of 2010 declined by 1.7 per cent to €1028.5m while the EBITDA edged ahead by 0.9 per cent to €260.3m. There was a €9.2m benefit from the sale of emission rights in the period. With both depreciation and interest charges rising as a result of the investments in Egypt an Albania, the pre-tax profit came off by 7.5 per cent to €118.5m but the reduction at the net attributable level was contained at 5.2 per cent to €98.3m. Net debt at the end of Septemb... |
China Shuangji Cement, Ltd announces Third Quarter 2010 results23 November 2010, Published under Cement NewsChina Shuangji Cement, Ltd a leading producer of high-quality Portland cement in Shandong and Hainan Provinces in the People’s Republic of China (PRC), announced its financial results for the third quarter ended September 30, 2010. "We experienced higher revenues in the third quarter due to an increase in cement sales to 361,562t from 329,832t in the same period last year. We also experienced strong margins from an increase in the average unit price of our cement, which was greater than the... |
India: Burnpur Cement Ltd - outcome of board meeting23 November 2010, Published under Cement NewsBurnpur Cement Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 22, 2010, inter alia, passed and approved the following resolutions: 1. To issue 2 Cores Convertible warrants to part finance the ongoing setting up of cement plant at Patrata, Jharkhand. 2. Permission granted for borrowing of money upto INR225 Crores. 3. For approval of shareholders in the EGM regarding above matters the Board called an Extra Ordinary General Meeting on December 2... |
HeidelbergCement: agreed with banks on improving credit conditions23 November 2010, Published under Cement NewsGerman cement maker HeidelbergCement AG and its core banks have agreed on better terms for a €3bn syndicated credit facility concluded in April 2010, HeidelbergCement said Monday. -The amendment agreement, effective immediately, includes a reduction in credit margins of up to 100 basis points, depending on the ratio of net debt to earnings before interest, taxes, depreciation and amortization. -The favourable credit terms reflect the recent positive development of the performance of Heidelbe... |
Uganda: cement firm branch to change its status23 November 2010, Published under Cement NewsEast African Portland Cement Company’s shareholders have unanimously voted to allow the company change its Uganda branch into a limited company to tap into growing region market. The company’s annual general meeting passed a resolution to convert Uganda branch into East African Portland Cement Company Uganda thus making it a wholly owned subsidiary of East African Portland Cement Company. Managing director Kephar Tande told shareholders at the company’s headquarters in Athi River that the ... |
My Home Industries Ltd to Invest INR400 Crore23 November 2010, Published under Cement NewsIndia’s premier cement manufacturer, My Home Industries Ltd, is set to invest INR400 crore to increase its production capacity of its plant at Vizag located in the southern Indian state of Andhra Pradesh and for purchasing new units. The expansion drive would be reportedly funded through internal accruals. Outlining the company’s plans to expand, group chairman and managing director of My Home Group Rameswar Rao Jupally said, "We are embarking on an ambitious target of 10Mt capacity in thre... |
Cemex closes on Murli Industries cement business in a US$550m deal23 November 2010, Published under Cement NewsCemex, the world’s largest building materials supplier and third largest cement producer, is in an advanced stage to buy the cement business of India’s Murli Industries for about US$550m. Citing an unnamed source involved in the negotiations, The Economic Times today reported that Cemex has made an offer of US$550m after several months of due diligence, but the price is still being negotiated and the final figure would depend on the outlook for cement prices. Earlier known as Murli Agro Pr... |