Cement News tagged under: corporate
Jurong Cement gets SGX’s in-principle approval for delisting01 April 2010, Published under Cement NewsJurong Cement said it has received in-principle approval from the Singapore Exchange (SGX) to be delisted. Its shares had been suspended since January when the total percentage of shares held in public hands fell below 10 per cent under the listing rules. The public holds only about 5.6 per cent of Jurong Cements shares after Holcim Investments Singapore made a cash offer of S$2.50 per share. Majority shareholder Holcim, which has an 88.1 per cent interest in Jurong Cement, had previousl... |
Rajawali sells stake in Gresik in US$1bn deal01 April 2010, Published under Cement NewsIndonesia’s Rajawali Corp sold a 23.66% stake in PT Semen Gresik, the country’s largest cement maker by assets and volume, in a US$1.08bn deal that is one of Indonesia’s biggest equity transactions in almost two years, the Wall Street Journal reports. Rajawali Managing Director Darjoto Setyawan said Wednesday that the group raised IDR9.8trn (US$1.08bn) by selling the stake at IDR7000/share to a number of institutional investors. The sale is the largest equity transaction in Indonesia since... |
Conch: stimulus drives growth, profits surge01 April 2010, Published under Cement NewsAnhui Conch, China’s largest cement producer, reported group turnover of CNY24.684bn (US$3.615bn) up 3.2% on 2008 (according to PRC Accounting Standards). Operating profit rose to CNY4.260bn (US$624m), a YoY increase of 42.6%. Profit before tax grew 37.9% to CNY4.476bn (US$656m), while net profit attributable to equity shareholders of the company climbed to CNY3.544bn (US$519m), up 36% YoY. Capital expenditure in 2009 amounted to approximately CNY8bn (US$1.172bn), primarily invested in t... |
HeidelbergCement seeks loan refinancing – report31 March 2010, Published under Cement NewsHeidelbergCement is in talks with banks about a self-arranged loan that will refinance debt remaining from last year’s loan restructuring, bankers said on Tuesday. HeidelbergCement extended the maturity of its loans until December 2011 in a EUR8.7bn loan restructuring in June last year. “It’s true they [HeidelbergCement] are talking about a new refinancing,” a banker close to the deal said, Source: Reuters |
Nomura cuts Buzzi Unicem’s price target31 March 2010, Published under Cement NewsAnalysts at Nomura have lowered the share price target on Italian cement maker Buzzi Unicem to EUR12.50 from EUR14. Last week Buzzi Unicem reported that its turnover declined by 24.1% last year to €2,671.8m. EBITDA fell by 41.3% to €541.7m and the trading profit was down by 53.7% to €323.0m. |
Anhui Conch net profit increases 34.4%31 March 2010, Published under Cement NewsAnhui Conch Cement Co Ltd yesterday announced that its net profit for 2009 rose 34.48 per cent to CNY3.51bn (US$ 414m) from CNY2.61bn in 2008. Earnings per share were CNY1.98 in 2009, up 27.74 per cent from the previous year, according to the company’s annual report. The company declared a dividend of CNY0.35 per share. Anhui Conch Cement attributed the increase in net profit to the Chinese government’s CNY4trn stimulus package which has resulted in significant increases in investment in t... |
Siam Cement stocks rise on high earnings hopes, Thailand31 March 2010, Published under Cement NewsSiam Cement stocks rose 2.8 per cent to THB254, having hit THB255, its highest since November 1, 2007, on expectations of strong first-quarter earnings due to higher petrochemical spreads and a recovery in its paper earnings. Broker Kim Eng Securities said it expected a 16-25 per cent increase in net profit for the January-March quarter to THB6.0-6.5bn and targeted a share price of THB280bn. |
Prism Cement: margins still of concern, India30 March 2010, Published under Cement NewsPrism Cement recently received approval from the relevant authorities for the merger of two of its unlisted group companies, H&R Johnson (India) and RMC Readymix (India) with itself. The all-stock deal will transform the largely central-India focused cement company into an integrated building-material supplier with a major presence in tiles and sanitary ware and ready-mix concrete. H&R Johnson is the country’s largest manufacturer and marketer of tiles and sanitary-ware, while RMC is the co... |
YTL Corp on track to double first half sales, Malaysia30 March 2010, Published under Cement NewsYTL Corp has said it is on track to nearly doubling its 2010 sales from last year’s US$2.6bn. The company also said it is confident of achieving a 20 per cent compounded growth in profits and sales over the next 10 years. It said the improving economy will boost its core businesses, while prospects for the luxury property operations are expected to be bright. YTL is also hoping that the improving global economy will boost its other business units which include cement, property development... |
AMInvestment Bank to manage Lafarge Islamic debt issue29 March 2010, Published under Cement NewsAMINVESTMENT Bank Bhd has been appointed as the principal adviser, lead arranger and lead manager for the RM350m nominal value Islamic debt papers issuance by Lafarge Malayan Cement Bhd (LMCB). The programme comprise Islamic commercial papers and/or Islamic medium term notes. The seven-year AA2/P1 programme, a flexible and efficient Islamic funding platform will enable LMCB to tap liquidity in the domestic and global Islamic capital markets for medium to long-dated funding at a competitive... |