Cement News tagged under: corporate
Kuwait Portland wants to sell stake in AUB08 April 2010, Published under Cement NewsKuwait Portland cement Co said it has authorised Al Tamdeen Investment Co to sell at least half of its stake in Ahli United Bank, Bahrain’s largest bank. "Portland...has authorised Al Tamdeen Investment Co to sell 15m shares as a minimum of the total shares it owns in Ahli United Bank, which are about 30m shares, for a price of at least $1.10 per share," Portland said in a statement on the Kuwaiti bourse website on Thursday. The firm said it would make a profit of about KWD3.29m (US$11.4m)... |
Maple Leaf to issue shares to raise funds, Pakistan07 April 2010, Published under Cement NewsThe board of directors of Pakistan’s Maple Leaf cement Factory on Monday recommended that 153m ordinary shares be issued to generate funds for restructuring the company’s long-term Sukuk and syndicated loan arrangements, and meet the company’s working capital requirements. It was proposed during a meeting of the board to further issue 153,846,153 ordinary shares of Rs10 (US$0.12) each at Rs6.5 per share at a discount of 35 per cent other than rights, according to the company’s notice issued... |
Goldman Sachs trims price target on Italcementi, Buzzi07 April 2010, Published under Cement NewsAnalysts at Goldman Sachs on Wednesday cut the price targets on Italian producers Italcementi and Buzzi Unicem. The broker revised down the price target from EUR15.30 to EUR11.60 on Italcementi and from EUR15.10 to EUR11.30 on Buzzi Unicem. |
Egypt: Suez and Torah to pay cash dividend07 April 2010, Published under Cement NewsSuez Cement, Egypt’s largest listed cement maker, approved a cash dividend of E£3.3/share, the stock exchange said on Tuesday. The company, part of Italy’s Italcementi Group, also approved an E£3 cash dividend for its subsidiary, Torah Cement. Suez’s dividends will be paid on April 29 and Torah will pay its dividends on April 22, the company said in its statement to the stock exchange. Suez posted a 25 per cent rise in 2009 net profit driven by higher sales in the booming Egyptian market.... |
Buzzi Unicem issues senior unsecured notes06 April 2010, Published under Cement NewsBuzzi Unicem, through its 100% subsidiary RC Lonestar Inc, has successfully completed the new issue of US$200m of Senior Unsecured Notes to lenders in the North American Private Placement market. Bank of America Merrill Lynch acted as Advisor and Sole Agent on the transaction. Proceeds from the offering will be applied to the partial payment of the bond issued by the subsidiary Lone Star Industries Inc., due in June 2010. The US Private Placement issue achieves the objectives of providi... |
Citigroup upgrades Adelaide Brighton to Buy06 April 2010, Published under Cement NewsCiti lifts Adelaide Brighton’s rating to Buy from Hold and raises its target to A$3.10 from A$2.58 vs latest A$2.66, up 8 cents. Citi sees a turnaround in cement markets saying volumes likely bottomed in 2Q09 and should increase five per cent in FY11. However, it doesn’t believe the arrival of Thailand’s Chememan company in Australia’s lime market will be a financial threat. The financing group also said there could be an upside from a stronger-than-expected domestic economic recovery bu... |
Tong Yang Cement to merge with Golden Oil, South Korea06 April 2010, Published under Cement NewsSouth Korea’s Tong Yang Cement Corp has decided to merge with Golden Oil Corp, a local mid-sized oil developer, to tap the global natural resources market, the cement company’s parent Tong Yang Group said Thursday. The decision is subject to approval by a shareholders’ meeting slated for May 11, the group said. If approved, the merged entity will be named Tong Yang Cement and be launched on July 1 2010. Source: Trading Markets |
Cemex to exchange as much as US$3bn bonds06 April 2010, Published under Cement NewsCemex plans to exchange as much as US$3bn of perpetual bonds for notes maturing in seven and 10 years as it seeks to lower debt-servicing costs. The company plans to swap its dollar-denominated perpetual notes, which are subordinated, for senior notes worth about 72 cents on the dollar, Cemex said in an e-mailed statement today. It will exchange its euro notes for 68.75 cents. The exchange may help Cemex save about US$750m, said Diego Torres, a debt analyst with ING Groep NV in New York. T... |
Cemex launches four debt exchange offers05 April 2010, Published under Cement NewsCemex launched four offers to exchange outstanding perpetual debentures for new senior secured notes to be denominated in dollars and euro. Cemex said in a release on Monday that the issuer of the new senior notes is its Cemex Espana through its Luxembourg branch. The new senior notes denominated in dollars will mature in 10 years, pay a coupon of 9.25 per cent annually and be callable and commencing on the fifth anniversary of the initial issuance. The new senior notes denominated in eu... |
Maple Leaf granted loan for restructuring, Pakistan01 April 2010, Published under Cement NewsMaple Leaf has entered into agreements with lender banks for restructuring of its debts. The company also intends to inject more equity, which could give it a new lease of life. An announcement made at the Karachi Stock Exchange on Tuesday stated that a meeting of the board of directors was scheduled to be held on Monday (April 5) to review and discuss business affairs of the company, restructuring of long-term loans, along with a proposal of further issue of shares otherwise than rights s... |