Displaying items by tag: Finance
Saudi Arabia: Najran Cement has informed investors via a posting on the Saudi Exchange that it expects its cost of sales to rise by 13%. This is due to an increase in the price of fuels by its supplier Saudi Aramco. The cement producer noted that the waste heat recovery (WHR) system installed at its Najran cement plant has partly reduced the anticipated impacts on costs.
Najran Cement said “The company will work during the coming period to explore ways to reduce the financial impact of this adjustment on the company’s profits and will continue to implement its plans to reduce costs and improve production and operating efficiency. It will also work with government agencies to explore ways to diversify energy sources.”
Hume Cement Industries sells land in Pulau Pinang
12 January 2024Malaysia: Hume Cement Industries has accepted an offer for a parcel of land it owns in Prai Industrial Estate, Pulau Pinang. Reuters has reported the value of the deal as US$8.57m, on which Hume Cement Industries expects to make a net gain of US$6.89m.
JSW Cement prepares for initial public offering
11 January 2024India: JSW Group has initiated the process for an initial public offering (IPO) for JSW Cement. The Financial Express newspaper has reported that the group expects the IPO to raise US$723m.
Sumitomo Mitsui Banking Corporation provides credit facility for UltraTech Cement Middle East Investments
05 January 2024UAE: India-based UltraTech Cement has issued a guarantee of US$147m in favour of the Singapore branch of Sumitomo Mitsui Banking Corporation. Reuters has reported that the guarantee is for a credit facility in favour of the producer’s UAE subsidiary UltraTech Cement Middle East Investments.
UltraTech Cement Middle East Investments obtained a majority stake in Duqm Cement in Oman in 2023.
Hume Cement Industries issues medium-term notes
19 December 2023Malaysia: Hume Cement Industries has issued medium-term notes worth US$21.4m, which it said were fully redeemed on 18 December 2023. InPR News has reported that the issuance is the first part of a US$107m programme.
Lafarge faces new court case in US over alleged terror funding
15 December 2023US/Iraq: Victims of ISIS brought a new claim for compensation against Lafarge on 14 December 2023 for its alleged complicity in crimes committed by the terrorist group in Iraq. A group of US citizens who belong to the Yazidi minority has sued the company, now part of Switzerland-based Holcim, in a US court. ISIS conducted a genocide against the Yazidi people in Sinjar, Iraq, beginning on 3 August 2014. The genocide involved 2100 – 4400 killings and 4200 – 10,800 abductions of girls and women, and displaced 500,000 people.
On 18 October 2023, Lafarge and Lafarge Syria pleaded guilty to conspiring to provide material support to ISIS and its ally al-Nusra Front by paying them approximately US$5.92m to continue operating during the Syrian Civil War.
Barrister Amal Clooney, representing the claimants in the latest case, said “It is shocking that a leading global corporation worked hand in hand with ISIS while ISIS was executing American civilians and committing genocide against Yazidis. We hope that this case will send a clear message that supporting terrorists cannot be ‘business as usual’ and that there will be justice for the victims.”
NI Capital to sell Misr Cement Qena stake
11 December 2023Egypt: NI Capital, the investment arm of Egypt’s National Investment Bank, plans to sell its 10% stake in Misr Cement Qena. The Al Borsa newspaper has reported that the company is preparing to tender for a financial advisor for the intended sale. The divestment would form part of a US$5bn International Monetary Fund (IMF)-mandated privatisation programme, due to conclude before June 2024.
Cemex refinances US$347m loan
08 December 2023Mexico: Cemex has increased its borrowing under a credit agreement with Banorte by 15% to US$347m, and extended its maturity to 2028 from 2026 previously.
Cemex told investors "The credit agreement, denominated in Mexican pesos, will have an interest rate margin dependent on the leverage ratio slightly lower than that applicable prior to the refinancing, and financial obligations consistent with an investment grade capital structure."
Kesoram Industries to repay loans worth US$180m
05 December 2023India: Kesoram Industries says that it will repay US$180m-worth of loans from Cerberus Capital Services, Edelweiss and Goldman Sachs ahead of maturity. The Economic Times newspaper has reported that the company is repaying the debt in anticipation of refinancing following a merger deal with UltraTech Cement. Kesoram Industries expects the deal to lower its cost of borrowing.
Breedon Group’s 10-month 2023 trading update shows sales growth
23 November 2023UK: Breedon Group grew its sales by 8% year-on-year during the first nine months of 2023. Volumes ‘moderated’ over the period, yet ‘robust’ pricing and operational excellence successfully offset the effects of this on group sales. It generated ‘good’ free cash flow and is on track to deliver a further reduction in covenant leverage at the end of 2023, enabling it to continue its investments in growth. In September 2023, Breedon Group entered the FTSE 250 Index of the London Stock Exchange.
Chief executive officer Rob Wood said “Notwithstanding the market backdrop, the Breedon team continues to deliver and we are delighted to report a trading performance ahead of expectations. Against the uncertain political and economic backdrop, our teams have adapted well to deliver a compelling performance.” He continued “But we never settle – we will continue to seek ways to operate as efficiently and sustainably as possible, invest in our people and grow our business so we are positioned to succeed when the construction materials market returns to growth.”