Displaying items by tag: Shares

India: Century Textiles & Industries is reportedly planning to sell its cement business and merge it in an all-share deal with India's largest cement maker UltraTech. Both companies are in the final stages of a plan to merge the cement businesses, according to local media.

Once approved by shareholders, the merged entity's cement production capacity would total 87M/yr. This would help UltraTech achieve 100Mt/yr ahead of its target of 2020. UltraTech would gain access to the eastern market while strengthening its presence in Maharashtra, Chhattisgarh and Madhya Pradesh.

Thailand: Swiss cement maker Holcim Ltd has launched an up to US$741.4m selldown of shares in Thailand's second-largest cement company Siam City Cement (SCC). Holcim is selling 63.3 million SCC shares through its Thai Roc-Cem Ltd unit at an indicative range of between US$10.73 and US$11.68, according to Thomson Reuters.

Ethiopia: South African cement producer PPC has acquired Industrial Development Corporation's 20% stake in Ethiopian-based Habesha Cement for a purchase consideration of US$13m. PPC's initial 27% stake in Habesha, acquired in July 2012, now rises to 51%, while the balance of the shareholding in Habesha is held by around 16,000 local shareholders.

"We are very excited about our increased investment in Ethiopia; a country with a population of 91 million people that is set to reach 100 million by 2018 and having a growth rate that is expected to remain above 8% in the medium term," said Bheki Sibiya, Executive Chairman of PPC.

Habesha has begun the construction of a 1.4Mt/yr cement plant 35 km north-west of Addis Ababa. The project has cost approximately US$135m and commissioning is planned for 2016. In addition to the Habesha project, PPC has started building projects in Rwanda, the Democratic Republic of Congo and Zimbabwe.

Financial closure of this acquisition is expected in December 2014 once all conditions have been satisfied.

Italy: Italcementi has fully completed a capital increase worth Euro500m. Investors subscribed 103.6 million new shares within an issue approved by the board of directors on 6 March 2014. During the offer period, investors exercised rights for the subscription of 99.42% of the new shares for Euro497m. Under a subscription agreement, Italmobiliare spent Euro225m on the transaction.