Cement News tagged under: corporate
Vietnam Cement Co revenue meets 105% of full-year target22 September 2009, Published under Cement NewsHoang Mai Cement Joint Stock Company (HOM) had revenue of VND99.8bn (US$5.595m) in the first eight months of this year, completing 105% of its full-year target, financial website CafeF.vn reported. The company sold 993,503t of cement in Jan-Aug, meeting 71% of its full-year target, the source said, giving no further detail. It expects to produces 500,000t more of clinker in the last four months of this year, raising its total production to 1.34Mt for the whole year. Between Sept and Dec, ... |
Eagle Materials names three executives to finance22 September 2009, Published under Cement NewsCement, aggregate, ready mixed and wallboard producer Eagle Materials recently named Craig Kesler executive vice president, Finance and Administration and CFO; William Devlin senior vice president, controller and chief accounting officer; and, Robert Stewart executive vice president, Strategy, Corporate Development and Communications. Kesler has served as vice president, Investor Relations and Corporate Development, and Devlin vice president and controller--both since 2005. Stewart joins t... |
HeidelbergCement’s rights issue & placing22 September 2009, Published under Cement NewsHeidelbergCement’s rights issue and the share placing by the controlling shareholders is set to raise a gross €4427m. While the rights issue is set to raise some €2300m, the placing by existing shareholders will bring in €2115m to reduce the debt accumulated by the Merckle family interests. The rights issue should reduce the gearing level from 124.2% at the end of June to approximately 80%, which should remove the immediate strains on the balance sheet as capital investment continues in e... |
TPI: Cheap valuation still offers implied upside21 September 2009, Published under Cement NewsDespite the SET’s recent rally Buy call is reiterated for TPIPL based on its positive earnings outlook with an expected recovery in demand and wider gross margin due to higher product prices and cost savings, says TISCO Securities. Also the valuation remains undemanding compared with its local and regional peers. Forecasts have been upgraded and the consensus estimate is expected to be lifted soon. The recent cement price rise of Bt500/t followed by an increase of Bt150/m3 in the price of c... |
Lee Shau-kee buys into shares of China Resources Cement21 September 2009, Published under Cement NewsTycoon Lee Shau-kee, chairman of Henderson Land Development Co Ltd, subscribed US$100m worth of new shares of China Resources Cement, which plans to launch its initial public offering in Hong Kong on September 21, the Wall Street Journal reported. China Resources Cement, the largest cement producer in Southern China, expects to offer 1.64 billion shares to raise between HK$5.24 billion and HK$6.39 billion from the IPO and will use the funds to increase its clinker and cement production cap... |
TXI: Largest investor joins other shareholders in push for new directors21 September 2009, Published under Cement NewsTexas Industries Inc.’s largest investor said Thursday that he would side with a faction of shareholders to elect new directors at the annual meeting next month. Nassef Sawiris, an Egyptian billionaire who owns nearly 15 per cent of the Dallas-based cement maker’s shares, has criticised TXI executives in the past. In a regulatory filing, Sawiris said he would back a decision by Shamrock Holdings, TXI’s third-largest shareholder, with 10.2 percent ownership, to elect new board members at th... |
Lower gearing is the key18 September 2009, Published under Cement NewsLooking at the gearing levels of the major international cement producers as at mid-year, the most highly geared groups were Cemex at 131.4% and HeidelbergCement at 124.2%. Both HeidelbergCement and Cemex have announced rights issues in recent weeks to try and improve their balance sheets. While HeidelbergCement will issue voting shares that will change the control of the company, Cemex intends to issue non-voting participation certificates. Lafarge came next with 97.6%, followed by Holcim... |
Advance tax numbers suggest pressure on cement cos17 September 2009, Published under Cement NewsUltraTech Cement, an Aditya Birla Group company, has skipped advance tax payment in the second quarter of this fiscal, fuelling speculation that the earnings of cement companies could come under pressure due to possible oversupply. The company had paid Rs 190 crore in the same period last year. However, ACC paid higher advance tax of Rs 150 crore (Rs 42 crore). Hindalco Industries of the Aditya Birla Group paid Rs 70 crore as advance tax, down from Rs 190 crore paid last year. Grasim Indus... |
Cemex Rises to highest in 11 Months on US outlook17 September 2009, Published under Cement NewsCemex rose to the highest in 11 months in New York trading on increasing evidence of a recovery in the US economy, the company’s biggest market. Cemex American depositary receipts climbed 7.9 percent to $14.11, the highest since Oct. 2. The shares have tripled since reaching a 52-week low of $3.87 on March 9. Mexican markets were closed for a holiday. Monterrey, Mexico-based Cemex has extended gains since it concluded last month a transaction with lenders to extend the maturity on about $1... |
UniCredit’s HVB may cut stake in HeidelbergCement17 September 2009, Published under Cement NewsUniCredit SpA’s HVB Group will probably dilute its stake in HeidelbergCement AG to 4 percent, daily Il Sole 24 Ore reported, without saying where it got the information. HVB, the second-largest investor in Germany’s biggest cement maker, probably won’t subscribe to its share of a planned capital increase and sell some of the stock it owns, Il Sole reported. UniCredit holds about EUR600mof the debt of the cement company’s biggest shareholder, the Merckle family, the daily said. |