Cement News tagged under: divestment

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Cemex sells remaining direct GCC interest

28 September 2017, Published under Cement News

Cemex annnounced it has sold 31,483,332 shares of common stock (the "Shares") of Grupo Cementos de Chihuahua, SAB de CV (GCC), which represents approximately 9.47 per cent of the equity capital of GCC. Proceeds from the sale were around US$168m, which will be used mainly for debt reduction and general corporate purposes. Cemex continues to have an approximate 20 per cent indirect interest in GCC through CAMCEM, SA de CV, an entity that owns a majority interest in GCC and in which Cemex ha...

Votorantim Cimentos to sell stake in Suwannee American

28 September 2017, Published under Cement News

Brazil-based Votorantim Cimentos is to sell its 50 per cent stake in Suwannee American Cement (SAC), located in northern Florida, USA. The sale is part of Votorantim’s strategy of prioritising assets and reducing its debt. SAC supplies cement to the construction markets of Florida and southern Georgia from its 1Mta Branford plant. Although the plant was in the path of Hurricane Irma, it has remained largely unaffected, according to information obtained by ICR. Thanks to precautions ta...

Votorantim

11 September 2017, Published under Cement News

Votorantim generated a 1H17 turnover four per cent lower at BRL12,757m (EUR3434m), with domestic deliveries declining by 13.6 per cent. EBITDA amounted to BRL1654m (EUR445m), a 29.6 per cent reduction. The group trading profit declined by 58.7 per cent to BRL458m and after a financial charge 29.9 per cent lower at BRL726m and minor items, the pretax profit came down by 67.2 per cent to BRL229m. The net attributable profit dropped 98.30 per cent to BRL10m. Votorantim Cimentos contributed 4...

Dangote Cement

30 August 2017, Published under Cement News

Aliko Dangote has sold a 2.3 per cent stake in Dangote Cement to foreign buyers in a deal worth NGN86.1bn (US$236m), according to Reuters. The company has been selling off small stakes to try and meet its free float requirement for the Nigerian Stock Exchange (NSE). When it joined the NSE in 2010, it was given 18 months to reach a 20 per cent free float level, but this latest transaction only takes it to 10.4 per cent. In 2013 it sold 1.5 per cent to Public Investment Corporation, followed b...

Argos sells stake in port company

16 August 2017, Published under Cement News

Grupo Argos has sold its 50 per cent stake in a port operator to an investment fund managed by Goldman Sachs for about US$136m, Grupo Argos said in a statement on Monday. Compania de Puertos Asociados SA, called Compas, moves principally coal and cement through its ports in the Andean country. Argos' stake was sold to West Street Infrastructure Partners III, which is run by Goldman Sachs, for COP407bn. The sale price is two and a half times what Grupo Argos invested in the business in...

Cemex finalises Pacific Northwest Materials divestment

03 July 2017, Published under Cement News

Cemex SAB de CV has completed the divestment of its Pacific Northwest Materials Business through one of its US subsidiaries to Cadman Materials Inc, part of HeidelbergCement-owned Lehigh Hanson Inc. Pacific Northwest Materials Business includes seven aggregate quarries, five ready-mix concrete plants and three asphalt operations in Oregan adn Washington, USA. The company generated about US$110m revenues and about USS14m  of EBITDA in 2016 with about 350 employees. The acquired aggregates ...

Jaiprakash receives director approval to divest assets to UltraTech

30 June 2017, Published under Cement News

Jaiprakash Associates said it received approval from its committee of directors to close the transaction for selling part of its cement business to UltraTech Cement for INR161.89bn. The deal will see the cement plants in Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh move to UltraTech. An addition unit, currently under construction in Uttar Pradesh, will become part of UltraTech for an additional INR4.7bn. The proceeds of this transaction will help t...

ARM Cement to sell non-core unit

03 May 2017, Published under Cement News

ARM Cement is to sell its fertiliser unit in a bid to raise cast to grow its core buisiness of cement, local media reports. The decision is part of the Kenyan company's aim to consolidate its business and focus on cost cutting, improving distribution channels as well as improving operational efficiencies. “Further, in order to remain focused on the cement business and to raise cash and release a significant amount of working capital locked up in Mavuno Fertilizers division, the co...

Cemex

04 April 2017, Published under Cement News

Cemex has agreed the sale of its operations in Bangladesh and Thailand to Siam City Cement for around US$53m. In Thailand there is an integrated works at Saraburi with a clinker capacity of 0.73Mta and a cement capacity of 0.85Mta. The Bangladesh operation consists of a grinding centre with a capacity of 0.55Mta. Cemex is also considering the sale of a minority stake in Cemex Holdings Philippines through a public offering and has lodged an appropriate application with the Securities & ...

Cemex

03 February 2017, Published under Cement News

Cemex has increased its offer for a 74.9 per cent interest in Trinidad Cement by 12.6 per cent to TTD5.07/share. Trinidad Cement and its subsidiaries operate principally in Trinidad & Tobago, Jamaica and Barbados.  Cemex has raised some US$500m from selling its reinforced concrete pipe manufacturing business to the privately-held Quikrete Holdings of Atlanta (GA), USA with a potential US$40m to follow, depending on future performance.