Displaying items by tag: shareholders

Ireland: 26 hedge funds have bought or expanded stakes in CRH since 30 June 2023. Bloomberg has reported that existing shareholders that expanded their holdings included US-based Baupost Group and Soros Fund Management.

CRH is due to complete its transition into a primarily US-listed company in late September 2023.

South Africa: PPC South Africa Holdings says that it has concluded a deal to sell 10% of its shares to employees via the PPC Employee Share Ownership Trust. News24 Online News has reported that all South African employees of the company will be eligible to buy shares, provided that they are not already currently participating in its long-term incentive programme. The total value of shares transferred under the deal will be US$20.4m

CEO Roland van Wijnen said "PPC has been built upon the shoulders of its employees, and this transaction provides a meaningful way of rewarding those in South Africa who do not participate in PPC’s long-term incentive plan to share in the creation of shareholder value. We are pleased that the terms of the transaction are such that it stands to benefit employees for many years to come.”

Kenya: The government says that it has found a 'strategic investor' to buy a 30% stake in East African Portland Cement Company (EAPCC). Business Daily News has reported that the buyer will acquire shares from the National Treasury, the National Social Security Fund (NSSF) and Lafarge South Africa. The government holds 25% of EAPCC's shares through the Treasury, while the NSSF holds 27% and Lafarge South Africa 42%.

Lafarge South Africa denied that it plans to sell any of its shares in EAPCC. Chief executive officer Geoffrey Ndugwa said "We are not aware that we will be ceding shares.”

The government said that shareholders currently face the decision to sell EAPCC's land, seek a bailout from the Treasury or liquidate the company. It expects shareholders to reach a decision and establish a comprehensive plan for the company by 17 August 2023.

Philippines: Holderfin, an existing 18% shareholder in Holcim Philippines, has acquired an additional 9.2% stake in the company from Japan-based Sumitomo Osaka Cement. This raises its control over Holcim Philippines to more than 27%. As a result of the deal, the proportion of publicly held shares in the cement producer fell to 5%. PhilStar News has reported that Holcim Philippines is now possibly seeking to delist from the Philippine Stock Exchange (PSE).

The producer said “Holderfin informed the company that if the company will be unable to issue additional shares to the public sufficient to raise its public float to the required level, Holderfin is prepared to make a tender offer for all outstanding common shares of the company held by the public with the aim of subsequently conducting a voluntary delisting of the company’s common shares from the Main Board of the PSE.”

India/US: The US Attorney's Office has requested that large Adani Group shareholders submit correspondence from the group. Reuters has reported that the office is investigating representations made by India-based Adani to its US investors, following fraud allegations by US-based short-seller Hindenburg Research.

An Adani Group spokesperson said "We are not aware of any such subpoena to investors."

Ireland/US: Shareholders have approved Ireland-based CRH's board recommendation to transition to a US primary listing on the New York Stock Exchange. The company says that it will effect its transition on or around 25 September 2023. This will entail delisting shares from Ireland's Euronext Dublin, while retaining a standard listing on the UK's London Stock Exchange (LSE).

CRH derived 75% of earnings from North America in 2022. It expects the US market to be a key driver of future growth due to the country's growing populace and construction needs.

CEO Albert Manifold said "We are pleased to see such strong shareholder support for the listing transition, as it marks an important milestone in our development and will enable CRH to fully participate in the significant growth opportunities that lie ahead.”

Ireland: CRH is preparing to move its primary listing of shares to a US-based stock exchange. The group said in its financial results for 2022 that it had come to the conclusion that, “a US primary listing would bring increased commercial, operational and acquisition opportunities for CRH, further accelerating our successful integrated solutions strategy and delivering even higher levels of profitability, returns and cash for our shareholders.” It added that the US market represented around 75% of its earnings before interest, taxation, depreciation and amortisation (EBITDA). It expects that the US will be a ‘key’ driver of future growth for the company, with increases in infrastructure funding, a push for on-shoring of manufacturing activity and high levels of under-build in the residential construction market supporting this outlook.

The group plans to tell its shareholders in further details about the move in exchange. CRH plc will remain headquartered, incorporated and tax-resident in Ireland.

Denmark: FLSmidth has notified investors that Altor Fund Manager has increased its holding of shares in the company to over 5%. The transaction took place on 18 January 2023.

Egypt: France-based Vicat’s stake in Sinai Cement has risen to 67% from 51%. The group purchased US$5.65m-worth of additional shares in the producer from separate investors on 13 December 2022. Reuters News has reported that shareholder Arab Industrial Investment sold its 6.6% stake for US$2.29m.

Colombia: Grupo Argos announced its purchase of US$2.49m-worth of shares in Cementos Argos. The purchase accounts for 0.3% of the subsidiary's share capital. At the start of 2022, Grupo Argos held a 59% majority stake in the cement producer. The next biggest single shareholders were investment services company AFP y Cesantías Protección, with 8%, and pension fund management company SAFP Porvenir, with 6.3%.