Cement News tagged under: corporate
Alexandria Cement gets clearance for capital increase15 July 2010, Published under Cement NewsThe Egyptian Financial Supervisory Authority (EFSA) approved Alexandria Cement’s E£2.45bn rights issue on Thursday, a final green light needed to raise capital. The company said in June the one-month rights offer, which closed on June 20, was 99.43 per cent subscribed but it needed the EFSA’s consent to sell the remaining shares. The rights issue was designed to pave the way for the company’s main shareholder, Greek cement maker Titan, to sell a 16 per cent stake to the International Finan... |
Siam Cement: 2Q10 earnings soft with 2011 growth strong14 July 2010, Published under Cement NewsSiam Cement (SCC) earnings for the second quarter will weaken to Bt5.6bn (EPS Bt4.67), down 18% QoQ and YoY below previous forecast of Bt5.7-5bn, according to analysts at Kim Eng Securities (Thailand). This weakness in earnings will mainly come from petrochemicals hurt by a slump in PE - Naphtha spreads to US$479/t from US$601/t in the previous quarter and US$630/t in the previous year. In addition, the slump in Ethylene prices from US$1,265/t to US$1,090/tonne will result in an inventory ... |
US funds in talks for cement partnership with Brazil’s CSN13 July 2010, Published under Cement NewsA group of US investment funds is finalising the partnership with Brazil’s Companhia Siderurgica Nacional (CSN) for setting up a 2Mt cement plant in the midwestern state of Mato Grosso. There are also plans for establishing three other such cement units in the Southeast and North. The funds intend to sell a majority stake to a local partner. The other possible partners are Brazilian cement producers such as Votorantim and Camargo Correa, and Cemex from Mexico. The new cement company wi... |
Cimpor purchase could face delays13 July 2010, Published under Cement NewsThe purchase of stakes in Cimpor by Brazilian groups Votorantim and Camargo Correa is one of the deals under scrutiny by the Brazilian competition authority which may, according to the Monday edition of the newspaper "Valor Economico", suffer a delay of months. This is because the Brazilian Senate has voted not to reappoint two members of the Administrative Council for Economic Defense (CADE). The paper states that even if the vote does not occur until early August, these processes will b... |
Yanbu Cement 2Q profit drops 25 per cent12 July 2010, Published under Cement NewsSaudi’s Yanbu Cement Co posted a 25 per cent drop in second-quarter net profit as sales fell amid increased competition and a ban on exports, the firm said on Sunday. Yanbu Cement made a net profit of SAR113m in (US$30.13m) the three months ending June 30, compared with SAR151m in the same period a year earlier. "The reason for the drop is the decline in the amount and value of sales due to the strong competition and the ban on exports," the firm said in the bourse statement. |
Binani Cement to buyback shares12 July 2010, Published under Cement NewsBinani Cement Ltd has decided to ask for the permission of shareholders to buy back equity shares worth Rs130.50 crore, which will be not more than 25 percent of firm’s stake. The shareholders of the company will pass a resolution through the postal ballot process. |
BCC first half projections, Vietnam09 July 2010, Published under Cement NewsPhan Thi Nhuong, chief accountant of Bim Son Cement Joint Stock Co (BCC) announced that in the first six months of 2010, the company estimated to reach VND1.261trn in revenue and VND100bn of pre-tax profit. BBC’s representative also stated that the company has already finished a trial run period for its new Bim Son cement plant which was scheduled to start operation on July 1, 2010. The new line has a total design capacity of 2Mta. |
FAS approves Eurocement restructuring08 July 2010, Published under Cement NewsThe Federal Antimonopoly Service (FAS) of Russia has given the greenlight to Russian producer Eurocement Group to acquire 44.4% of the voting shares of CJSC "Eurocement. Following the transaction, "Eurocement Group becomes sole shareholder of ZAO Evrotsement. As noted in the report of FAS Russia, the information and documents submitted with the application, satisfy the requirements of Part 5 Article 32 of the Federal Law "On Protection of Competition. Applying part 2 of Article 33, Claus... |
Sinoma net profit growth seen at more than 50%08 July 2010, Published under Cement NewsChina National Materials Company Limited announced that Sinoma International Engineering Co., Ltd, a A share listed subsidiary of the company, expected net profit attributable to the owners for the six month ended 30 June 2010 to increase by over 50% as compared to the corresponding period of 2009. For the period of six months ended 30 June 2009, net profit attributable to the owners of Sinoma International was RMB316.86 million and earnings per share was RMB0.79. The expected growth of ... |
Lafarge places bond07 July 2010, Published under Cement NewsLafarge placed yesterday 550 million in US dollar bonds with a five year maturity and a fixed coupon of 5.5% to institutional investors in the United States. The proceeds of this transaction will be used to refinance part of its existing debt. Issuance and settlement of the bonds are expected to occur on July 9, 2010. |