Cement News tagged under: corporate
Yanbu Cement 1Q net profit falls YoY, Saudi Arabia12 April 2010, Published under Cement NewsYanbu Cement Company announced a YoY decline in net profit of 18.8 per cent in the first quarter of 2010 to SAR123.2m (US$32.85m). A recent report by Global Investment House (GIH) showed the Saudi-based producer reported a decline is sales revenue of 13.7 per cent YoY to SAR239.5m in 1Q10 due to the expected fall in the average realisation price for cement to an estimated SAR234.6/t compared to SAR287.5/t in 1Q09. New capacity additions, along with the government’s selective export ban, c... |
West China Cement expects May listing move12 April 2010, Published under Cement NewsWest China Cement expects its Hong Kong listing and AIM delisting, approved at the AGM on March 31, to take place on or around May 24. The company says the final dates will be confirmed not less than ten business days in advance. |
Brazilian investors to gain EUR68m in Cimpor dividends11 April 2010, Published under Cement NewsBrazilian diversified holding groups Camargo Correia and Votorantim will probably gain EUR68m (US$91.1m) in dividends from Portuguese cement producer Cimpor. Several weeks after becoming shareholders in Cimpor, Camargo will receive EUR 39.5m and Votorantim – EUR 28.4m from their shareholdings in the Portuguese firm, economic daily Diario Economico said on Friday. On Wednesday, Cimpor said it will propose for 2009 an annual dividend of EUR 0.20 per share, up 8.1% on the year, at the general... |
Conch expects 90% rise in 1Q net profit09 April 2010, Published under Cement NewsAnhui Conch Cement Co said that its net profit for the first quarter of this year, excluding minority interests, grew about 90% due to higher product prices, sources reported. The cement producer recorded RMB 408.9m in net profit, excluding minority interests, in the first quarter of 2009. In a statement filed with the Shanghai Stock Exchange, Anhui Conch said that its product prices and sales volume were higher in the first quarter this year than in the same period of last year. The compa... |
Italcementi up on Ciments Francais merger talk09 April 2010, Published under Cement NewsItaly’s Italcementi rises more than three per cent to an 11-week high on market talk the cement maker may resume plans to take over its Paris-listed unit Ciments Francais in an operation expected to generate synergies and boost its earnings. On Thursday, Ciments Francais said it bought out nearly all of the US noteholders who blocked a 2009 takeover from Italcementi. "As a result the merger between Italcementi and Ciments Francais can now be relaunched. We believe this news positive for th... |
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... |