Displaying items by tag: Finance

India: JSW Cement has taken a loan of US$48.9m with which to finance its planned 47% capacity growth to 25Mt/yr from 17Mt/yr. MUFG Bank India provided the loan subject to sustainability-linked criteria. Press Trust of India News has reported that the producer’s subsidiary Shiva Cement is in the process of establishing a US$183m 1.36Mt/yr clinker plant and 1Mt/yr grinding plant in Odisha’s Sundergarh District.

India: Jaypee Group subsidiary Jaiprakash Associates is reportedly seeking to sell its remaining assets after receiving a new insolvency bid from State Bank of India. The Times of India newspaper has reported that the company has previously sold US$4.92bn-worth of assets to pay off debts.

Jaiprakash Associates chair and chief executive officer Manoj Gaur said "We have kept faith in the law of the land and helped maximise recoveries of the bank. The setback is due to circumstances and issues such as the UltraTech deal. Our intent is to clear all the dues.”

The producer failed to sell a cement plant to UltraTech Cement under a US$2.05bn, 21.2Mt/yr cement capacity deal in 2017.

Brazil: CSN Cimentos has announced its second issuance of non-convertible debentures totalling US$125m in value through a restricted efforts public offering. LC news has reported that the company’s subsidiary Elizabeth Cimentos guaranteed the transaction.

India: Ambuja Cements says that it has created a non-disposable undertaking (NDU) on more than half of its 50% stake in fellow Adani Group subsidiary ACC. The Telegraph newspaper has reported that the producer intends to use the NDU as collateral for its loans.

Malaysia: Bank CIMB Group Holding Berhad has published sustainable finance targets for its lending to cement sector clients. Islamic Finance News has reported that the institution will reduce the emissions intensity of loans to cement producers by 36% to 720,000t per tonne of cementitious product by 2030 from 460,000 at present.

CIMB Group Holding Berhad recently doubled its sustainable finance target to US$13m by 2024, from US$6.48m.

UK: Clean Energy Ministerial CCUS (CEM CCUS) and the Global Cement and Concrete Association (GCCA) have announced a new partnership aimed at scaling up the deployment of carbon capture technologies in global cement and concrete production over the 10-year period up to 2033. The partners will explore incentives, policy frameworks and finance solutions that can best facilitate industrial-scale CCUS projects. Additionally, they will seek to ensure the long-term development of CCUS via technological developments.

CEM CCUS Norway initiative co-lead Henriette Nesheim said “This is a great opportunity to work together with a vitally important industry. In Norway we are already building our first cement CCS project in Brevik, and we look forward to sharing the experience with others.”

Taiwan: Hsing Ta Cement has reduced its paid-in capital by 0.2% to US$108.9m from US$109.1m. The reduction is the result of the company’s cancellation of treasury shares.

US: Argos USA has obtained a US$750m loan for the financing of its working capital and capital expenditure and refinancing of its debt. The loan is linked to environmental, social and governance (ESG) metrics. Bank of Nova Scotia, BNP Paribas, JP Morgan Chase Bank, SMBC and Bank of New York Mellon lent the funds, assisted by Cuatrecasas.

Parent company Cementos Argos said "With this credit agreement, around 44% of Cementos Argos' consolidated debt will be linked to ESG indicators, bringing it closer to the 50% target for 2022 previously announced to the market, and thus reaffirming the company's commitment to meeting ambitious goals in terms of sustainable growth."

UAE: Lafarge Emirates Cement plans to install an organic Rankine cycle (ORC) waste heat recovery (WHR) plant at its Fujairah cement plant. Gulf News has reported that the producer will fund the upgrade through a transition trade facility provided by UK-based bank Standard Chartered. The facility is part of the bank’s planned US$300bn-worth of green finance funding up to 2030.

Lafarge Emirates Cement general manager Olivier Milhaud said “This is one of the major milestones in our journey towards sustainability. The WHR project encourages the use of clean and environmentally friendly energy in our operations and also supports our global mission to build a Net Zero world.”

China: West China Cement’s preliminary results indicate a profit drop of 40 – 45% year-on-year in the first half of 2022 to US$85.6 – 93.4m from US$156m. The group said that its finance costs rose by US$10.8m, while its foreign exchange gains were just US$4.05m in the half, compared to US$51.2m in the first half of 2021.