Displaying items by tag: Merger

Malaysia: Malayan Cement recorded consolidated sales of US$808m during the 2023 financial year, up by 39% year-on-year from US$583m in the previous financial year. Its net profit was US$34.2m, up by 90% from US$18m. The company partly attributed its sales growth to its incorporation of YTL Cement, which took place in the 2022 financial year on 21 September 2021. It also increased its cement sales volumes and prices.

Looking to the current, 2024 financial year, Malayan Cement said “Non-residential construction activities are expected to benefit from higher investments in manufacturing facilities, given the shift in global supply chains. Nonetheless, the group's optimism is tempered with caution, as inflation and higher interest rates may have a knock-on effect on cement demand.” It added “Our ability to deliver seamless solutions to customers will be optimised, boding well for the positive growth and outlook of the group and the industry going forward.”

Tanzania: The Tanzania Fair Competition Tribunal (FCT) has ruled that Heidelberg Materials subsidiary Scancem International cannot acquire Tanga Cement from AfriSam at present. The Fair Competition Committee had previously approved the acquisition to proceed in February 2023. In its latest ruling, the FCT found that the commission had not been within its powers to set aside a previous court ruling of the FCT, dated September 2022. The FCT acknowledged that the market situation may have changed since its first ruling, but underlined the need for legal procedure.

Judge Salma Maghimbi said “The act or conduct of the two respondents did not send a good message to the public, nor to potential investors who would have been interested in coming to invest in our country.”

India: The board of directors of Anjani Portland Cement has approved the proposed amalgamation of Bhavya Cements into the company, Reuters has reported. Anjani Portland Cement first acquired a majority stake in Bhavya Cements in mid-2021

Denmark: Processing, handling and storage equipment supplier Cimbria has merged its three Danish subsidiaries. A/S Cimbria, Cimbria Unigrain and Cimbria Manufacturing will now operate as Cimbria, effective retroactively from 1 January 2023. The group reassured customers that its existing contracts remain unchanged.

US: HarbisonWalker International has unveiled its new redesigned branding. The refractories supplier says that the new brand identity reflects it standing as the North American arm of Calderys Group. The two companies merged following their acquisition by Platinum Equity in 2022.

Calderys Group president and CEO Michel Cornelissen said “The new visual identity of HWI, as a member of Calderys, is a significant step on our journey to form a unified business that incorporates the best of both brands to create a global high-growth leader. We have undertaken this exercise with thoughtful intention to preserve the legacy of the HWI brand in the Americas, while reflecting the global stature of the Calderys brand.”

India: Adani Group plans to grow ACC and Ambuja Cements' capacity to 140Mt/yr by 2028 under a joint expansion strategy. The Hindu newspaper has reported that new strategy includes capital expenditure with a value of US$5.58bn and new acquisitions. Investments will reportedly be split equally between the two subsidiaries. After completion of the current growth plan, the cement producers will 'pause for a while' prior to any subsequent expansion phase.

Adani Group said that it is proceeding with an operational merger of ACC and Ambuja Cements, without merging their distinct brands. The priority of the merger will be to increase efficiency in supply chains and logistics operations.

India: NCL Industries has concluded a share purchase agreement with the owners of Vishwamber Cements. Under the deal, NCL Industries will acquire 100% ownership of Vishwamber Cements. The group says that it plans to merge the newly acquired subsidiary into its own cement business. It noted that Vishwamber Cements owns 130 hectares of active limestone quarries.

India: JK Cement has secured regulatory approval to merge its subsidiary Jaykaycem (Central) into itself. The Free Press Journal newspaper has reported that the Allahabad bench of the National Company Law Tribunal granted the approval on 6 March 2023.

France/Switzerland: Holcim plans to delist all shares from the Euronext Paris exchange. Shares in the Switzerland-based group will continue to trade on the SIX Swiss Exchange. The cement producer explained its decision in terms of its need to simplify its trading structure. It expects thereby to further reduce its administrative costs and requirements.

China: Tianshang Jidong Cement will list and circulate 5% of its shares on 14 July 2022. The producer has the approval of the China Securities Regulatory Commission to raise funds of US$298m from the sale to support its merger with BBMG East Cement.