Cement News tagged under: corporate
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... |
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. |