Cement News tagged under: finance
Cementos Argos30 October 2018, Published under Cement NewsCementos Argos has concluded its syndication of a five-year US$600m bank loan, according to reports in Latin Finance. Fourteen lenders have got involved, across four tiers. Tier one is made up of Panamanian foreign trade bank, Baldex; Japanese bank, MUFG; Japan’s Sumitomo Mitsui Banking Corporation (SMBC); Japan-based Mizuho Bank Ltd; and Canada’s Scotiabank. The second tier comprises Colombia’s Banco de Bogotá; French corporate investment bank, Natixis; and Santander. The third tier incl... |
CRH completes Phase 2 of share buy-back22 October 2018, Published under Cement NewsCRH has completed the second phase of its share buy-back programme, returning a further EUR350m of cash to its shareholders. Between 29 August and 18 October, 12.5m ordinary shares were repurchased on the London Stock Exchange and Euronext Dublin at an average discount of 1.3 per cent to the volume weighted average price over the period. This brings total cash returned to shareholders under the ongoing EUR1bn share buy-back programme to around EUR700m. "The remaining portion of our buy... |
Unacem seeks loans of up to US$490m25 September 2018, Published under Cement NewsUnion Andina de Cementos SAA (UNACEM) plans to start talks with banks for up to US$490m in loans to refinance existing US$-denominated debt and other corporate purposes. The company is seeking US$50m from Citibank, US$45m from Banco Santander and local currency credit facilities for up to US$100m from Banco de Credito del Peru and Scotia Bank Peru, the Peruvian cement producer said in a recent stock exchange announcement. UNACEM posted a YoY flat consolidated EBITDA of PEN290m (US$87.5m)... |
Cemex would have investment grade until 202019 September 2018, Published under Cement NewsThe strategy to reduce the leverage level would allow Cemex to recover its investment grade in the first part of 2020, according to Citibanamex projections. "We expect the company to end 2018 and 2019 with a net debt/EBITDA ratio of 3.8 and 3.1 times, respectively. For the first half of 2020 the indicator would reach 3.0 times, excluding the sale of assets,” explains an analysis of the financial institution. However, the sale of assets would accelerate the process to obtain the investme... |
Cementos Argos28 June 2018, Published under Cement NewsThis week saw Cementos Argos place ordinary bonds for COP500bn (US$169.7m). The issue had demands for COP725bn, representing an over demand of 1.81 times for the amount offered, which was initially COP400bn. According to the company, the move will enable Cementos Argos to replace financial liabilities in its debt management strategy. The issue has a half-life of 9.5 years. “We appreciate the market’s response, confidence in the company and its strategy. This issuance allows us greater fin... |
HeidelbergCement updates financial targets and strategic priorities12 June 2018, Published under Cement NewsHeidelbergCement presented its Vision 2020, updating financial targets and strategic priorities for the three-year period starting 2018 at its Capital Markets Day 2018 in Bergamo, Italy. The group aims to increase free cash flow generation to around EUR6bn during this period, driven by further efficiency gains and potential market upsides as well as a reduction in financial costs and disciplined capex spending, said the company in a statement. HeidelbergCement expects to benefit from mark... |
Sinoma requires project finance for Phase III of Thanh Thang30 January 2018, Published under Cement NewsSinoma International Engineering Co Ltd is seeking project finance from international financial institutions to build the third phase of a 6000tpd Thanh Thang project in Ha Nam province, Vietnam, Inside International Industrials quotes the company’s General Manager, Mr Chen. The estimated total project investment is US$220m. Sinoma signed the EPC contract with Thanh Thang Cement Group in May 2017. However, the subdued economy has resulted in the slow progress of the third phase. The initia... |
Adelaide Brighton investigates AUD$14m underpayments to customers14 November 2017, Published under Cement NewsAdelaide Brighton announced on Monday that "it has identified certain financial discrepancies which relate to transactions under which a small number of customers may have underpaid for product supplied to them." The company is investigating the matter fully, including the possible involvement of an employee of the company, with the assistance of forensic accountants KPMG. Adelaide Brighton believes there may have been deliberately hidden underpayments by customers over a sustained period... |
Dangote Cement group increases revenues by 37% in 9M1720 October 2017, Published under Cement NewsDangote Cement’s overall group revenue increased by 36.5 per cent from NGN442.1bn (US$1.08bn) in the first 9M16 to NGN603.6bn in 9M2017, despite a 10.1 per cent fall in group cement volumes to 16.5Mt, as the impact of price increases dampened demand in Nigeria. The group’s profit for the period was NGN193.1bn, up 44.6 per cent compared to NGN133.5bn in 2016. “Dangote Cement has continued to perform strongly in 2017 with revenues up nearly 37 per cent despite a fall in volumes. In our key ... |
Umm Al-Qura Cement secures US$13.3m bank loan13 October 2017, Published under Cement NewsUmm Al-Qura Cement Company of Saudi Arabia has signed a key Islamic financing agreement with Riyad Bank to secure a SAR50m (US$13.3m) loan. The loan will be used for funding an increase in working capital as well as the capital purchases, the company said in a filing to the Saudi bourse Tadawul. The company has a factory near Taif city with a clinker production capacity of 1.98Mta. |