Displaying items by tag: Shares

Kazakhstan: Private businessperson Azmi Wan Hamzah has increased his stake in Steppe Cement to 31% of issued share capital from 29%. RNS News has reported that Wan Hamzah holds shares in Steppe Cement via Alwah Fund Limited, Halfmoon Bay Capital and Mango Bay Enterprises.

South Africa: PPC has said that it may issue a rights offer for US$68.7m-worth of shares in order to raise funds to ‘repay and restructure debt locally and in other African markets, and to refinance after the economic effects of the Covid-19 pandemic.’ Pretoria News has reported that PPC has forecasted a 20% year-on-year drop in earnings in the year to 31 March 2020 due to ‘a slump in domestic demand and an influx of cheaper Chinese imports, even prior to lockdown.’

India: JSW Group has delayed the initial public offering for its subsidiary JSW Cement to 2022 from December 2020 due to lack of demand for cement. Mint News has reported that the company will increase its cement production capacity during the intervening period by 43% to 20Mt/yr from 14Mt/yr.

Managing director Parth Jindal said, “A second consecutive year of decline in cement demand has delayed our expansion plans.” He added, "We will restart capital expenditure projects worth US$160m in October 2020. We're adding 1.5Mt/yr of integrated capacity and 3.0Mt/yr of grinding capacity."

JSW Cement’s cement production fell by 30% year-on-year in the three months that ended on 30 June 2020.

Rwanda: Cimerwa says it has received approval to list its shares on the Rwanda Stock Exchange. The move is part of the strategy by the government to sell its stake in the cement producer, according to the New Times newspaper. The government and its related shareholders own a 49% stake in the subsidiary of South Africa-based PPC.

Company chairman Regis Rugemanshuro said that the company had decided to continue with its plans despite the coronavirus pandemic. The announcement has been made while Cimerwa is supplying cement to a large government tender to build new schools. The cement producer added that, “Supply to this project is progressing smoothly with the company’s production currently being robust at close to design capacity.”

Germany: Pursuant to a sales agreement dated December 2019, Voith Group acquired a majority share in ELIN Motoren on 30 April 2020. Elin Motoren CEO Wolfgang Landler said, “ The future cooperation between the two companies will allow us to offer significant added value. Together we can develop system solutions and especially technologies in digitalisation. We are looking forward to the cooperation with Voith.”

UAE: A&K International Investment has divested itself of 29% of total shares from its stake in RAK Cement to an undisclosed buyer. RAK Cement’s profit fell by 79% year-on-year to US$0.39m in the first half of 2019 from US$1.88m. Its intended purchase of an integrated cement plant and quarry in the UAE was abandoned in September 2019.

Egypt: Alexandria Development Ltd, which owns an 88.93% stake in Alexandria Portland Cement, has submitted an offer for the remaining 11.07% of the company. In a statement to the Egyptian Exchange it stated its intention to delist Alexandria Portland Cement after completing its acquisition of the latter. Alexandria Development Ltd’s indirect owner is Greece-based Titan Cement.

Morocco: HeidelbergCement has sold 3.6% of its 54.6% stake in Ciments du Maroc’s share capital. HeidelbergCement chairman Bernd Scheifele expressed the company’s commitment to retaining its majority stake in the total 5.6Mt/yr-capacity cement producer. Scheifele explained that the decision was ‘aimed at generating cash to speed up deleveraging,’ and that it was ‘well on track’ to reach its Euro1.5bn disposal target by the end of 2020.

India: UltraTech Cement has declared the scheme of arrangement between itself and Century Textiles and Industries as part of its merger process. It will issue one equity share worth US$0.14 each for every eight equity shares of the same value held by the shareholders of Century Textiles and Industries. UltraTech Cement received approval from the Competition Commission of India (CCI) for the acquisition of the cement business of Century Textiles and Industries in late August 2018 but it faced legal challenges subsequently.

The acquisition further strengthens UltraTech Cement’s lead in the Indian market. It says it is now the only company outside of China to have a production capacity of more than 100Mt/yr in a single country. It also claims that it is the third largest cement company in the world excluding those based in China.

Greece: Titan Group has successfully completed a share exchange exercise between its subsidiaries. The voluntary share exchange tender offer was submitted by Τitan Cement International to the shareholders of Titan. Following the transaction Titan Group will be listed, through Titan Cement International, on Euronext Brussels, the Athens Exchange and Euronext Paris, on 23 July 2019. The company said the move would strengthen its international growth path and future outlook.