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Displaying items by tag: Shares
Emami Cement considering initial public offering
31 July 2018India: Emami Group is considering an initial public offering (IPO) for its cement subsidiary, Emami Cement. The IPO is intended to generate funds for expansion, according to sources quoted by the Hindu newspaper. The company has appointed a consultant to explore public issue prospects and preliminary discussions have started with merchant bankers. The cement producer has invested over US$575m to double its production capacity to 8Mt/yr from 4.4Mt/yr in the current financial year with plants in Chhattisgarh, West Bengal, Bihar and Odisha.
Nigeria: Lafarge Africa is considering raising up to US$248m in a share sale. The sale will take place in the fourth quarter of 2018 said chief financial officer Bruno Bayet whilst reporting the company’s half-year results, according to Bloomberg. Its sales rose by 5% year-on-year to US$448m in the first half of 2018 from US$427m in the same period in 2017. However, its earnings before interest, taxation, depreciation and amortisation (EBITDA) fell by 25% to US$76.4m from US$102m. The subsidiary of Switzerland’s LafargeHolcim blamed its falling earnings on poor performance in South Africa.
CNBM increases majority share in Southwest Cement
21 June 2018China: China National Building Material (CNBM) has agreed to buy a further 18.7% stake in Southwest Cement for US$295m from Zhonshai Trust. The building materials producer already owns a 70% majority stake in its subsidiary. The remaining stake in Southwest Cement is owned by Shanghai Zhentong (6.3%) and Beijing Huachen (5%).
Bosnia & Herzegovina: Austria’s Asamer Baustoffe has made a bid for the remaining share of Fabrika Cementa Lukavac. At present it owns 99% of the cement producer. Fabrika Cementa Lukavac operates 0.8Mt/yr integrated plant at Lukavac.
Tongyang Networks to sell stake in Sampyo Cement
07 May 2018South Korea: Tongyang Networks plans to sell its stake in Sampyo Cement for US$12.7m, according to Reuters. The sale covers 3,000,000 shares. Tongyang Cement & Energy changed its name to Sampyo Cement in 2017 following its purchase by Sampyo Corporation in 2015.
CRH acknowledges opposition to remuneration plan at AGM
27 April 2018Ireland: CRH says it has reduced its proposed executive salary increases following votes by a significant minority of its shareholders against a remuneration report. The board said that it would take into account the views of 39.7% of its shareholders by providing a lower salary increase to its finance director, although it had offered other benefits to the director instead. It added that the remuneration committee of the company intends to hold a consultation later in 2018.
Votorantim to sell Shree Digvijay Cement stake
25 April 2018India: Votorantim Cimentos is rumoured to be selling its 75% stake in Gujarat-based Shree Digvijay Cement as part of its strategy to prioritise assets and reduce debt, according to ‘sources close to the company.’
The news comes as the company struggles amid rising competition among mid-sized Indian cement producers. It made a net profit of US$2.0m in the 12 months to 31 March 2018 from a turnover of US$63.5m. In 2012, before Votorantim took over the company, it made a net profit of US$1.2m from a turnover of US$64.2m.
Union Cement to delist shares from local exchange
18 April 2018UAE: Union Cement plans to de-list its shares from the Abu Dhabi Securities Exchange and convert the company into a private joint stock company, according to the Gulf News newspaper. India’s Shree Cement agreed to buy Union Cement for US$305m in January 2018 subject to regulatory approval. Union Cement operates a cement plant Ras Al- Khaimah.
Australia: Adelaide Brighton has publicly dismissed media speculation about its alleged plans to purchase Barro Group. The building materials producer said that whilst it had proposed transaction plans to Barro at ‘various times’ no agreement has been reached on any such deal.
Analysts at the investment bank Citi said that Adelaide Brighton’s management were keen to buy the US$384m cement business owned by its major shareholder, the Barro Group, according to the Australian newspaper. However, the analysts said they believed the complex shareholding structure could pose problems.
Institutional Shareholder Services recommends investors vote against executive pay rise at CRH
06 April 2018Ireland: The Institutional Shareholder Services (ISS) recommends that investors vote against a proposed Euro10m pay rise for executives at CRH. The building materials company is set to increase executive pay at its annual general meeting in late April 2018, according to the Irish Times newspaper. ISS recommends that shareholders vote against a remuneration report for several reasons including CRH's failure to set out targets for its managers and the group's proposal to give its finance director a 10% rise.
In 2017, CRH paid its chief executive officer Albert Manifold a Euro3.12m bonus, Euro2.15m salary and pension and Euro3.4m in share options. His pay was 13% less than in 2016. Finance director Senan Murphy's salary and pension was Euro0.91m and he received a Euro1m bonus. Former group transformation director Maeve Carton, who left the role in August 2017, was paid Euro2.67m.
CRH’s remuneration report says the annual bonus payments are based on a combination of financial targets and ‘personal strategic goals.’ It plans to reveal more details in 2019 once it is no longer commercially sensitive. It defended Murphy's proposed pay rise as he was paid below the market rate when he became financial director in 2016.