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News Thailand

Displaying items by tag: Thailand

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Sika opens second admixtures plant in Thailand

14 June 2016

Thailand: Sika has inaugurated a new mortars and concrete admixtures plant in Saraburi. The plant has a production capacity of 100,000t/yr of mortars and 65,000t/yr of concrete admixtures. The unit also includes warehouse and an office. It is the additives and admixtures company’s second such plant in the country.

"After our existing plant in Chonburi reached its limits, we consequently invested in additional production capacities. The new plant will enable us to maintain our strong growth in Thailand in terms of production volume, sales and market share. South East Asia is one of the regions where Sika generates some of its highest growth rates and we are well positioned to continue this positive development," said Heinz Gisel, Regional Manager Asia-Pacific.

Published in Global Cement News
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Cemex closes sales of assets in Bangladesh and Thailand

27 May 2016

Mexico: Cemex has closed the sale of its operations in Bangladesh and Thailand to Siam City Cement for approximately US$53m. The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes. The deal was announced in March 2016.

Published in Global Cement News
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HeidelbergCement to use Italcementi presence in Thailand for future expansion

11 April 2016

Thailand: Thailand will continue to be Italcementi Group's production base in the Association of Southeast Asian Nations (ASEAN) and as its springboard for expanding into Myanmar after HeidelbergCement acquires a 45% stake in the company in July 2016. Carlo Pesenti, the chief executive officer of Italcementi, made the comments about the future direction of the business in an interview with the Nation newspaper.

"HeidelbergCement, which will be the major shareholder of Italcementi when the deal is complete this July, has a policy to maintain the business in Thailand and its business plan to expand into Myanmar, because HeidelbergCement does not have a presence in Thailand,” said Pesenti. “Thailand is our production hub and business arm for expanding in ASEAN."

Italcementi Group holds a 49% stake of Asia Cement in Thailand. Asia Cement and its subsidiary Jalaprathan Cement have cement production capacity of 5Mt/yr. Asia Cement has set aside an investment budget of up to US$14m to maintain its three clinker and cement plants in Thailand. However, the company it waiting for the acquisition of Italcementi by HeidelbergCement before it can decide about expansion plans in Cambodia and other territories.

Published in Global Cement News
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Cemex takes charge of its debts

16 March 2016

Cemex has taken action towards its debts over the course of the last week. First, it announced that it had amended its credit agreements in order to delay the looming effects of consolidated financial leverage and coverage ratio limits by one year to March 2017 with other similar deadlines also delayed. Then it announced the pricing of US$1bn of Senior Secured Notes due in 2026, a form of secured borrowing. This was followed by confirmation of asset sales in Bangladesh and Thailand. Finally, it announced that it was seeking regulatory permission to sell a minority stake in its subsidiary in the Philippines.

This column has discussed the on-going financial travails at Cemex a few times, notably recently when the group released its fourth quarter results for 2015 and in the wake of HeidelbergCement’s announcement to buy Italcementi. Basically, it all comes down to debt, as the following graph shows.

Figure 1 - Cemex assets, debt and equity, 2006 - 2015

Figure 1 - Cemex assets, debt and equity, 2006 - 2015

Cemex took on large amounts of debt following its acquisition of Rinker in 2007. Since then the value of its assets have been falling faster than it has been able to reduce its debts. However, its equity (assets minus debts) is looking like it might dip below its debts in 2016. Hence, action needs to be taken. Cemex appears to have attempted to do this over the last week. Will it be enough?

The credit amendment was probably the most pressing issue for the Cemex management given that the terms have been reliant on maintaining a leverage ratio (debt divided by assets) below a set limit. Cemex has extended the terms of the borrowing in its favour so it can keep the leverage ratio higher for longer without penalty from its creditors. Note that the leverage ratio here means the ratio between debt and operating earnings before interest, taxation, depreciation and amortisation (EBIDTA).

Selling assets and shares in Asia is the next step in cutting debt in the window the group has negotiated for itself. It holds minor cement production assets in Thailand and Bangladesh that it is selling to Siam City Cement for US$53m. These include a 0.8Mt/yr integrated cement plant in Saraburi, Thailand and a 0.52Mt/yr cement grinding plant in Madangonj, Bangladesh. Unfortunately for Cemex it purchased the Saraburi plant for US$77m in 2001 from Saraburi Cement making it a loss of at least US$24m.

A minority sale of shares in its Philippines assets is more promising. The group runs two integrated cement plants in the country, the Solid Cement Plant in Rizal and the APO Cement Plant in Cebu with a combined cement production capacity of 6.23Mt/yr and a new 1.5Mt/yr production line on the way at Solid Cement also. Local media estimate that the sale could earn Cemex as much as US$850m from the booming market. The Cement Manufacturer's Association of the Philippines reported that cement sales volumes grew by 14.3% to 24.4Mt in 2015 with more growth predicted for 2016.

The credit amendment and asset sales of US$0.9bn may give Cemex the breathing room it requires to keep the creditors at bay for a while longer. It originally refinanced its debts in 2009 at the height of the financial crisis to keep the business running until the markets picked up again. They haven’t. A question that might be legitimately asked at Cemex’s analyst day later this week, on 17 March 2016, is this: when is Cemex going to seriously tackle its debts? As the situation continues the group may end up devoting more time to managing its debts than it will to actually making cement and other building products.

Published in Analysis
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Cemex sells operations in Bangladesh and Thailand to Siam City Cement

10 March 2016

Mexico/Thailand/Bangladesh: Cemex has signed an agreement for the sale of its operations in Bangladesh and Thailand to Siam City Cement for US$53m. The proceeds obtained from this transaction will be used mainly for debt reduction and for general corporate purposes. The deal is expected to be finalised in the second quarter of 2016 subject to regulatory approval.

Cemex runs a 0.8Mt/yr integrated cement plant in Saraburi, Thailand. The plant was originally purchased from Saraburi Cement for US$77m in 2001. Cemex operates a 0.52Mt/yr cement grinding plant in Madangonj, Bangladesh.

Published in Global Cement News
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SCG Cement profit drops 22% in 2015

27 January 2016

Thailand: The cement business of Siam Cement Group (SCG) reported a 22% decrease in profit in 2015 to US$286m from US$368m in the 2014. Its revenue fell by 3% year-on-year to US$5bn from US$5.2bn. It blamed the performance on poor market recovery in Thailand. Overall, SCG reported increased profits due to its chemicals business.

"As for the progress of SCG's investments in the Association of Southeast Asian Nations (ASEAN), we are continuing as planned and are able to accommodate and meet the market demand dynamics. The cement plant in Indonesia commenced commercial operation in November 2015, while the cement plants in Myanmar and Laos are expected to begin operation in the middle of 2016 and 2017, respectively. These investments are integral to the ability to support our market expansions and serve our ASEAN customers' demands," said Roongrote Rangsiyopash, President and CEO of SCG.

SCG expects that the ASEAN Economic Community will advance its businesses in key export markets in Cambodia, Laos, Myanmar and Vietnam in 2016. Positive economic trends are also anticipated in Thailand due to government stimulus policies and projects.

Published in Global Cement News
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Siam City Cement’s CEO to resign

15 January 2016

Thailand: Vorathep Rangchaikul will resign from the position of CEO at Siam City Cement . The resignation takes effect from 7 April 2016.

Published in Global Cement News
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Siam Cement’s third quarter 2015 profit up by 15%

28 October 2015

Thailand: Siam Cement's net profit rose by 15% year-on-year to US$254m in the third quarter of 2015 as improved margins from petrochemical products outweighed weak performance of cement and packaging businesses, according to Reuters. However, profit fell by 19% quarter-on-quarter due to weaker chemical prices and inventory loss.

Published in Global Cement News
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Siam Cement to invest US$200 - 300m in Cambodia to 2020

24 August 2015

Cambodia: Siam Cement Group (SCG) expects to invest US$200-300m of additional investment into Cambodia over the next five years, according to Aree Chavalitcheewingul, vice president for regional business of SCG Cement-Building Materials.

The five-year investment plan includes adding a third production line to its cement plant in Kampot, southern Cambodia, where SCG commenced the second production line in mid 2015. SCG also plans to double its network of ready-mix concrete plants in the country.

The group expects sales from its Cambodian operations to approach US$140m in 2015. Including its exports to Cambodia, which are expected to reach US$200, SCG's Cambodian revenues are targeted to total US$40m for the year. About 80 - 90% of SCG's Cambodian sales are derived from its cement sector.

"The growth is at a satisfactory rate of 5 - 10%," Aree said. "We have seen a lot of opportunities, especially this year, as cement demand has increased remarkably. There are many new residential and commercial projects coming up in Phnom Penh." Cambodia's GDP has expanded by about 7%/yr in the past few years.

SCG employs 31 international staff and 461 SCG staff in Cambodia. It is expanding rapidly in the ASEAN markets, with its first cement plant in Indonesia opening in the third quarter of 2015. It will start its first cement plant in Myanmar in 2016 and SCG will start a plant in Laos in 2017.

Published in Global Cement News
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Siam Cement’s net profit up by 63% in the second quarter of 2015

29 July 2015

Thailand: Siam Cement's net profit surged by about 63% year-on-year to US$397m in the second quarter of 2015, boosted by better petrochemical margins, according to Reuters. However, its sales fell by 9% year-on-year to US$2.09bn.

Published in Global Cement News
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