Indian share out The preferential allotment of the 1.78 million shares by the Indian company Narmada Cements to Norwegian giant Scancem International, has been fixed at Rs56 (US$1.57) per share. The price was arrived at based on the assessment of the company's future intrinsic value by international consultants including Arthur Anderson.

The company's share price has flared up by about 94% from Rs8.5 (US$0.24) on June 6, 1997, to Rs 16.5 (US$0.46) on July 21, 1997. Apart from the Chowgule group, which holds about 74%, the Gujarate government holds 11%, the FIs about 3%, and the remaining 12% remains in public ownership.

Byproduct gypsumsales up Consumption of byproduct gypsum is increasing rapidly in North America and Western Europe, and probably in Japan as well, according to a new report from market analyst Roskill.

"The Economics of Gypsum" (7th edition, 1997) claims that U.S. sales increased from 630,000 mt in 1992 to 2.4 million mt in 1996, with the majority of the increase due to the manufacture of plaster and plasterboard using FGD gypsum.

The report says that Asia is the fastest growing market for gypsum and anhydrite, consuming around a quarter of world output (although the recent financial and environmental problems in Southeast Asia may slow the rate of increase in the short term).

The report further states that natural gypsum prices are likely to continue to come under severe pressure from FGD gypsum in North America and Western Europe, eventually leading to mine closures. Pricse for gypsum products are said to be likely to improve in the near future as long as demand remains strong.

A capital scheme Tenggara Capital Bhd has signed a joint-venture agreement with P.T. Samana Citra Agung to participate in conducting a feasibility study on the planning, design and procurement,installation, and commissioning of a3 million-mt integrated cement plant in Aceh, Indonesia.

The 50-50 joint-venture company's eventual paid-up capital will depend upon the outcome of the feasibility study and the financial package involved. The projected cost is estimated at US$450 million and will be financed by internal funds and external borrowings. In a statement to the Kuala Lumpur Stock Exchange, Tenggara Capital said the plant will be used to manufacture cement for distribution and sale in Indonesia and Malaysia.

Going up! Thailand's Siam Cement's request to increase wholesale cement prices from 5% to 10% was approved by the commerce ministry, according to a Reuters report.

The depreciating value of the baht and increasing fuel prices have led to the cement producer's declining revenue. The company may bring the prices back to previous levels once the baht stabilizes.

Suez dividend Suez Cement has announced that it would pay out a 4.50 pounds (US$1.32) dividend per share for the year to 1996. The dividend in 1995 was 5.20 pounds.

Shareholders approved the dividend at the recent general meeting, according to a recent statement from the company, which added that Egyptian pound payments were available at Bank of Alexandria branches and U.S. dollar payments would be made in Cairo.

Suez Cement announced in June 1997 that it made net profits of US$87.58 million in 1996, 1.2% up on the previous year's figures.

Quassim Cement profits up The Quassim Cement Co. of Saudi Arabia in the first six months of 1997 realized a net profit of SR87.5 million (US$23.33 million), up from SR60.1 million (US$16.02 million) in the comparable half of 1996.

Shareholders' equity in the first six months of the year stood at SR757.5 million (US$201.97 million), up from SR704.8 million (US$187.92 million) in the comparable period oflast year. Both the assets and liabilities of the company as on June 30, 1997, were balanced at SR871.8 million (US$232.44 million), from SR838 million (US$223.43 million) on the corresponding date of 1996.

Polish consolidation The Polish cement firm Gorazdze SA will seek to buy smaller cement maker Groszowice from National Investment Fund Hetman despite the anti-monopoly office's disapproval, according to a Reuters report.

"For the time being we're not looking for new offers. We'll be talking with Gorazdze, who have said they will protest the decision," said Krzysztof Sedzikowski of Groszowice.

Two Bulgarian buys Germany's Heidelberger Zement AG will buy 54% of Bulgaria's Zlatna Panega cement plant and 75% of the Grantoid-Batanovtsi plant for a total of US$27.5 million after signing a preliminary contract at the Ministry of Regional Development.

Under this agreement, Heidelberger will have to pay US$19 million in cash and the rest in Zunk bonds within 30 days after the Zlatna Panega deal is finalized, sources from the Ministry have announced.

The 75% stake in Grantoid will be paid in cash within 30 days of the deal being finalized, according to Deputy Prime Minister Evgeni Bakurdziev.

Lafarge looks up Lafarge, currently locked in a take-over battle with UK rival Redland Plc, has announced increased sales of 21% to US$5.5 billion for the first nine months of 1997.

This rise was helped by the increases in the value of the U.S. and Canadian dollars against the French Franc.

Markets in North America and eastern Europe were particularly strong for the company's cement, aggregates, concrete, and plasterboard operations, all of which increased global volume sales 6.1%.

The company reported that cement sales worldwide increased 22.4% to US$2.18 billion.