Cement News tagged under: corporate
Mangalam Cement Q4 net slumps 40%04 May 2010, Published under Cement NewsRajasthan-based Mangalam Cement Ltd witnessed a steep fall decline in profits for the company’s fourth quarter March 2010 results. The net profits fell by over 40% to INR22.89 crore over the same period a year back. Mangalam Cement’s net profits declined by 40.65% to INR22.89 crore on 11.14% fall in net sales to INR150.26 crore in 4Q March 2010 over 4Q March 2009. Meanwhile, announced that the company has received a letter from Mangalam Timber Products Ltd (MTPL) informing that the Board ... |
South Valley Cement boosts capital for takeover, Egypt04 May 2010, Published under Cement NewsShareholders in Egypt’s South Valley Cement approved a E£15bn (US$2.7bn) capital increase to buy the owner of the Citystars mega-mall in Cairo, the cement firm said on Sunday. "In order to acquire Golden Pyramids and its related companies, we will increase our capital from E£5bn to E£20bn said Tamer Abdel Rahman, the firm’s investor relations director. Golden Pyramids Plaza owns Citystars shopping mall and has other tourism and real estate projects in Egypt. "The goal is to diversify our ... |
CSN to spend US$20bn through 2016 – CEO04 May 2010, Published under Cement NewsBrazil’s largest diversified steel group, plans to invest up to BRL34bn (US$20bn) through 2016 to grow in cement, energy, logistics and mining, chief executive Benjamin Steinbruch said in a newspaper interview published on Monday. Valor Economico quoted Steinbruch as saying CSN’s aim is to have a market share of at least 20 per cent in each of those sectors within six years. The group plans to sell shares in its iron ore division by July, before the Northern Hemisphere’s summer vacation se... |
Gresik eyes Malaysian deal04 May 2010, Published under Cement NewsIndonesia’s biggest cement producer, PT Semen Gresik, said on Tuesday that it is in talks to acquire a Malaysia cement maker this year and has set aside more than IDR3.5trn (US$388m) for the deal. Semen Gresik declined to name its acquisition target, but two sources involved in the deal said it is in talks with Cement Industries of Malaysia Bhd (CIMA), a unit of Malaysia’s UEM Group, which has an 18 percent market share in Malaysia. "We want to be a regional player and plan to acquire a ... |
Sharjah Cement sees sharp fall in 1Q turnover30 April 2010, Published under Cement NewsSharjah Cement & Industrial Development reported sales turnover of AED173m (US$47m) for the first quarter of 2010, a sharp fall from AED297.5m for the same period last year. The reduction in sales is partially attributed to decrease in demand of cement and, to a much larger extent, to the reduction in selling price of cement. Production costs also increased due to rising energy costs and production stoppages on account of power shortages. The company posted a profit of AED23.89m for the p... |
Fitch Rates CRH’s EUR4bn EMTN Programme ’BBB+’29 April 2010, Published under Cement NewsFitch Ratings has affirmed Ireland-based CRH Plc’s (CRH) euro medium-term note (EMTN) programme at a senior unsecured rating of ’BBB+’ following an increase of its amount to EUR4bn from the previous EUR3bn. At the same time, Fitch Ratings has assigned a short-term rating of ’F2’ to the notes to be issued with a maturity of less than 12 months under the EMTN programme. The ratings on the programme are in line with CRH’s ’BBB+’ Long-term Issuer Default rating (IDR) and Short-term IDR at ’F2’... |
Deutshe Bank initiates coverage on cement with a Buy29 April 2010, Published under Cement NewsDeutshe Bank initiates coverage on Cemex with a Buy rating. Deutsche analysts says: “In our view, Cemex’s turnaround is about to start, bolstered by a recovery of volumes in the US, Mexico’s solid housing sector and expected pick up in infrastructure spending, and by government stimulus spending in several other regions. Under our conservative assumptions we anticipate Cemex will yield FCF in 2010-12E of US$2.8bn, enough to meet scheduled debt repayments during the period.” |
Pahang to buy YTL Cement shares, Malaysia29 April 2010, Published under Cement NewsThe state assembly of Pehang unanimously passed a motion to purchase shares in YTL Cement Bhd. The state government will purchase 906,344 units of YTL Cement shares at MYR4.18 each worth MYR3.788m (US$1.18m). At the same time, the state assembly also passed a motion to buy shares in Malaysia International Shipping Corporation Bhd (MISC Bhd) whereby it agreed to purchase 3,432,720 units of MISC shares at MYRM7 each, worth MYR24.03m . Mentri Besar Datuk Seri Adnan Yaakob said the purchas... |
Cimpor shareholders poised to name incoming board29 April 2010, Published under Cement NewsShareholders of Cimpor are close to agreement on a new board of directors, Caixa Geral de Depositos chief executive Fernando Faria de Oliveira said. Faria de Oliveira, whose state-owned bank holds 9.6% of Cimpor stock and effectively has the final nod on the makeup of the new board, told reporters in Lisbon: “I think that an enormous effort has been made to reach consensus and I believe this is practically concluded.” Cimpor investors, including new arrivals Votorantim and Camargo Correa of... |
Jefferies initiates coverage of Cemex with Buy rating29 April 2010, Published under Cement NewsJefferies International is initiating coverage of Cemex with a Buy rating and sets a US$15 target, 25 per cent above the current share price. The broker believes the cement major will be a leveraged beneficiary of a recovery in US housing markets. About 85 per cent of the decline in Cemex’s profitability has been in the US, where its profits have fallen due to the collapse in the housing market in the southern states. In Jefferies’ view, these markets are beginning to recover. Cemex’s 1Q E... |