Cement News tagged under: corporate
Siam Cement back to black20 April 2009, Published under Cement NewsSiam Cement Company (SCC) is expected to report a 1Q09 net profit of Bt4.3bn, down 39.0% YoY but turning from a net loss of Bt3.5bn in 4Q08. Stripping out extraordinary items, normalized profit is expected to be Bt4.3bn, down 37.2% YoY but turning from net loss of Bt3.6bn in 4Q08. The drop YoY would be due to dips in sales volumes for its chemical, cement, and paper units on dwindling demand during the economic slowdown, as well as a reduction in dividend income and equity income. Meanwhile,... |
Italcementi unlikely to make acquisitions in 200920 April 2009, Published under Cement NewsItalian cement company Italcementi is unlikely to make acquisitions this year but if opportunities arise from the crisis the group is ready to seize them, company executives said on Friday. "It will be difficult this year" to make acquisitions, the company’s chief executive Carlo Pesenti said on the sidelines of the annual shareholders meeting. But the family-owned company’s chairman Giampiero Pesenti said "should there be opportunities I don’t see why we shouldn’t seize them," acknowledgi... |
Prosperity Minerals CEO to transfer stake to HK firm17 April 2009, Published under Cement NewsChina-focused Prosperity Minerals Holdings Ltd said its Chief Executive David Wong had signed a memorandum of understanding to transfer his 53 per cent stake in the company to Prosperity International Holdings Ltd 8139.HK in a stock deal. The transfer will be at a price yet to be agreed and the move is to consolidate Wong’s interests in the cement industry, the company said in a statement. Prosperity Minerals operates a cement manufacturing business and an iron ore trading business in Chin... |
Cemex to issue new shares for dividend payment17 April 2009, Published under Cement NewsCemex plans to issue up to 1 billion new shares that analysts say will finance a dividend payment of around 0.30 pesos per share. Cemex, which is struggling with a huge debt amid the global financial crisis , has asked the National Banking and Securities Commission for permission to issue the shares in a document posted on the commission’s website Wednesday night. Under the plan , Cemex, which holds its annual shareholders meeting on April 23, would give out a new CPO share for every 25 sh... |
Taiheiyo sees cement market recovery in ’1017 April 2009, Published under Cement NewsTaiheiyo Cement Corp expects its business in the U.S. to recover next year, one year earlier than previously anticipated, as the Obama administration’s economic stimulus plan boosts sales. "We will start seeing the impact in the second half of this year," Ryuichi Hirai, director in charge of Taiheiyo’s overseas operations, said in an interview Wednesday in Tokyo. "Now the bottom of the market should come in 2009, not 2010, as originally expected." The Tokyo-based company won an order for ... |
Sinoma increases merger budget to CNY8.1bn16 April 2009, Published under Cement NewsChina National Materials (Sinoma) will increase capital expenditure this year to CNY11bn (HK$12.48bn) from CNY6.5bn last year, with CNY8.1bn to be spent on mergers and acquisitions, mostly of cement companies in the country’s north, president Zhou Yuxian said. This is part of the state-owned company’s plan to increase annual cement capacity from 32Mt last year to more than 100Mt by the end of this year, to become northern China’s biggest producer of the material, Mr Zhou said. "We are talk... |
Steppe to raise UK£10m in offer15 April 2009, Published under Cement NewsSteppe Cement Ltd said it planned to offer 40 million shares to raise UK£10m, shortly after the company posted a 50 per cent fall in its full-year profit due to a continued decline in the cement market. Shares of Steppe Cement rebounded to 32.5 pence at 1013 GMT on the London Stock Exchange, paring the loss from the earlier session when they touched a low of 29.90 pence after the results were announced. Steppe Cement, which has been impacted by a slowdown in the construction projects in K... |
Holcim Indonesia to buy Holcim Sdn Bhd15 April 2009, Published under Cement NewsCement maker PT Holcim Indonesia said in a prospectus Wednesday that it plans to buy all of Malaysia’s Holcim Sdn. Bhd., or HSB, from Holderfin BV for $50 million. Holcim Indonesia said that it will seek shareholder approval on May 18 for the acquisition plan. The acquisition is aimed at ensuring the continuity of Holcim Indonesia’s annual 500,000t of clinker exports to HSB and to cope with the stiffer competition in the region, the company said. Holcim Indonesia, which is 77.33%-owned by... |
China National Materials to buy cement producer14 April 2009, Published under Cement NewsCement equipment provider China National Materials Co Ltd will pay CNY1.01bn (US$147.8m) to its parent company for cement producer NBM, the firm said on Monday. China National Materials, which already owns 50.06 per cent of CNBM, will pay the amount in cash for the remaining stake to state-owned China National Materials Group Corporation. Source: Reuters |
Taiwanese Bank, Vietcombank loan for cement project14 April 2009, Published under Cement NewsTaiwan’s Mega International Commercial Bank Co.’s branch in Ho Chi Minh City and the Joint Stock Commercial Bank for Foreign Trade of Vietnam, or Vietcombank, have signed a contract to provide a US$73m syndicated loan for the expansion of a cement plant, report Dow Jones. The loan, made to Phuc Son Cement Co, will be used to double the capacity of Phuc Son Cement Plant in Hai Duong province to 4Mta year, the State Bank of Vietnam said Friday. The expansion, which will cost US$105m in total... |