Cement News tagged under: corporate
Boral appoints Mark Selway as CEO17 September 2009, Published under Cement NewsBuilding materials supplier Boral Ltd has appointed Mark Selway as chief executive, effective from January 1, 2010. Mr Selway, an Australian, has been chief executive of Scottish-based engineering business Weir Group PLC since 2001. Mr Selway, 50, will replace Rod Pearse who is retiring as head of Boral at the end of December 2009. Boral chairman Ken Moss said Mr Selway had had an impressive career in the industrials sector, with broad international experience and a strong track record. |
Fitch: No Rating Impact For HeidelbergCement16 September 2009, Published under Cement NewsFitch Ratings said today that there will be no immediate rating impact on HeidelbergCement AG’s (HC) Long-term Issuer Default rating (IDR) of ’B’ following HC’s announcement on 13 September of a planned capital increase. The Outlook is Negative and HC’s and subsidiary Hanson plc’s senior unsecured debt remains at ’CCC’. The Recovery Rating on the senior unsecured debt is ’RR6’, reflecting poor recovery prospects in the event of a default, in light of high total debt levels and over 55% of to... |
Wienerberger plans capital hike; Libya may buy 10% stake15 September 2009, Published under Cement NewsWienerberger AG said Monday it aims to raise at least EUR335.8m to repay debt and strengthen its financial position in a share issue that may see the Libyan state buy 10% of the Austrian company’s stock. Wienerberger said the 35.6m new ordinary no-par value shares, or 40% of the existing share capital, have been priced at EUR10 each and will be offered to existing shareholders at a subscription ratio of two new shares per five existing shares. That constitutes a premium of 28% to Friday’s ... |
Execs defect from CRH to join former US boss14 September 2009, Published under Cement NewsIreland’s biggest listed company CRH has lost a number of top executives, who have left to join rival firm Summit Materials. Summit was set up by former CRH board member Tom Hill, who was widely tipped to take over as chief executive when Liam O’Mahony retired last year. Mr Hill ran CRH’s US operation, which was the traditional springboard to the top job. However, following a lengthy selection process, the board plumped for finance director Myles Lee instead. Mr Hill subsequently resigned... |
HeidelbergCement two-for-one share sale to repay debt14 September 2009, Published under Cement NewsHeidelbergCement AG plans a two-for-one share sale to raise funds that will help cut debt. Major shareholders and “certain banks” that own holdings in Germany’s largest cement maker have pledged their rights to additional shares to institutional investors, the Heidelberg- based company said in a PR Newswire statement late yesterday. The sale is another step by HeidelbergCement to bring debt of more than 11 billion euros ($16 billion) under control after talks with about 30 creditors. The c... |
Saudi’s Tabuk Cement General Manager Resigns14 September 2009, Published under Cement NewsSaudi Arabia’s Tabuk Cement Co. said Saturday its general manager Walid Kassab al Hemaidi has resigned effective September 13. The company appointed Issa bin Yaslam Issa as the new general manager, according to a statement posted on the Saudi bourse Web site, without giving a reason for al Hemaidi’s resignation. |
Monarch Cement reports acquisition by VP Perez14 September 2009, Published under Cement NewsMonarch Cement Co, Humboldt, Kan, has filed the Securities and Exchange Commission noting the change in the beneficial interest held by VP for Sales Norma Joan Perez, Humboldt. On Sept. 9 the action involved acquisition of 234 shares of stock. Perez now owns 1,356 shares of stock direct |
ICRA places RMC Readymix India’s ratings on "positive" watch13 September 2009, Published under Cement NewsICRA has placed on "positive" watch the LBBB+ and A2+ ratings on Indian concrete maker and trader RMC Readymix (India) Pvt Ltd’s bank limits. The rating action follows the proposed amalgamation of RMC Readymix (India) and H&R Johnson (India) Ltd with Prism Cement Ltd (BOM:500338). ICRA will continue to monitor the development in this respect and the rating action would be concluded once the approval of all requisite statutory and regulatory authorities are obtained. RMC Readymix (India) c... |
West China additional listing10 September 2009, Published under Cement NewsThe directors of West China Cement advise that the Company has allotted 60,000 ordinary shares of 10p, following the exercise of warrants by Insinger de Beaufort which were issued at the time of the Company’s admission to AIM. Application will be made for the shares to be admitted to trading on AIM. The new shares rank pari passu with the Company’s issued ordinary shares and dealings are expected to commence on 21 September 2009. As a result of this allotment the Company will have 64,792,... |
UBS cuts Lafarge to "neutral"10 September 2009, Published under Cement NewsUBS downgraded French cement group Lafarge to "neutral" from "buy", but raised its share price target to EUR 60 from EUR 57. The changes in the rating have been prompted by a 30% rise in Lafarge’s share value since the beginning of July. The broker expects further growth on emerging markets, which account for 64% of the company’s operating profit, thanks to the expansion of its capacity by 25 million tonnes by 2011. On the other markets, the group’s business also shows signs of recovery a... |