Displaying items by tag: corporate
China: China National Building Material has amended the funding arrangements for an upcoming joint venture of its subsidiaries China United Cement and Henan Investment Group. Reuters has reported that China United Cement will now contribute US$937m to the joint venture’s registered capital, while Henan Investment Group will contribute US$622m.
CSN Cimentos to launch initial public offering
19 May 2021Brazil: CSN Cimentos has filed for an initial public offering (IPO). Reuters previously reported that the Companhia Siderúrgica Nacional (CSN) subsidiary entered talks with Banco Bradesco and JPMorgan Chase regarding management of a future IPO in February 2021. CSN has not revealed the bank it has chosen.
Schwenk seeks purchase of Akmenes Cement
10 May 2021Lithuania: Germany-based Schwenk Zement has sought to increase its stake in 50% subsidiary Akmenes Cement to 97%. The company is also seeking the acquisition of a 75% stake in limestone supplier Kalcitas. The producer took over Mexico-based Cemex’s stake in Akmenes Cement in 2019.
India: Nirma Group subsidiary Nuvoco Vistas plans to launch a US$677m initial public offering (IPO). The Economic Times newspaper has reported that the IPO consists of a US$190m – US$203m fresh issue and a US$474m offer for sale. The company’s targeted valuation after listing is US$4.74bn, in line with the value of Switzerland-based LafargeHolcim subsidiary ACC.
Nuvoco Vistas first acquired its cement assets from Lafarge India in 2017.
Solidia Technologies raises US$78.0m in funding
04 May 2021US: Solidia Technologies has raised US$78.0m-worth of private investment in a funding round. The latest investors include Imperative Ventures, Zero Carbon Partners and Breakthrough Energy Investors. Existing backers providing new funds include BP, John Doerr and OGCI Climate Investments, which is the venture capital arm of the Oil and Gas Climate Initiative, a consortium of multinational oil companies. Solidia Technologies produces reduced-CO2 concrete with lower-energy cement and water-free CO2 curing.
Switzerland: The shareholders of LafargeHolcim Ltd have voted in favour of changing the group name to Holcim Ltd at the company’s annual general meeting held on 4 May 2021. The name change applies only to the group company name with all market brands remaining in existence. The new group name will become effective upon entry in the commercial register. LafargeHolcim was officially formed in July 2015 when France-based Lafarge and Switzerland-based Holcim merged.
CSN ‘expected’ LafargeHolcim sale in Brazil
30 April 2021Brazil: CSN’s Cement Director Edvaldo Rabelo has said his company is ‘attentive to opportunities’ in a call with analysts that discussed LafargeHolcim’s rumoured exit from the Brazilian cement market, according to Reuters. Rabelo said that the move had been expected, while CSN’s chief executive officer Benjamin Steinbruch reportedly added that the company was interested in ‘potential merger and acquisition activity’ in its cement business.
Grupo Argos secures US$108m sustainability and gender equality-linked loan from Bancolombia
27 April 2021Colombia: Bancolombia has granted a US$108m loan to Grupo Argos. The loan’s interest rate is linked to two indicators, namely greenhouse gas emissions reductions and the increase in participation by women in the group’s upper management. These factors can decrease the interest rate by up to 100 basic points. The group said that signing the deal constitutes another milestone in realising its environmental, social and governance (ESG) commitment. The financing agreement modifies current conditions for debt and will have a five-year maturity. As such, it does not increase Grupo Argos’ current levels of indebtedness.
Group chief executive officer Jorge Mario Velásquez said “We are proud of this significant step, which reaffirms our commitment to driving gender equality and contributing to fighting climate change with concrete actions. Both of these topics lie at the heart of our Business Group’s strategy, in line with global goals defined in the 2030 Agenda for Sustainable Development.”
Sagar Cements considering merger with Sagar Cement (R)
20 April 2021India: The board of directors of Sagar Cements is considering merging its wholly-owned subsidiary Sagar Cement (R) (SCR) into the company. A meeting has been scheduled for the company’s board of directors to consider the matter in late April 2021. SCRL, formerly BMM Cements, operates the 1.0Mt/yr Yadiki Mandalam cement plant in Anantapur district, Andhra Pradesh.
Japan: Sumitomo Osaka Cement plans to set up a ‘Sustainability Promotion Office’ in April 2021 as part of the company’s efforts towards carbon neutrality by 2050. It follows the company’s medium and long-term sustainability targets that were set in December 2020.