Displaying items by tag: Finance
Innovate UK awards First Graphene consortium Euro228,000 in funding
18 February 2022UK: A consortium led by Australia-based First Graphene dedicated to developing graphene-enhanced cement has won Euro228,000 in UK government funding. Innovation agency Innovation UK selected the consortium for its work’s potential to contribute towards cement and concrete’s carbon footprint reduction of 25% by 2030. UK-based Breedon Cement represents the cement industry within the consortium.
Thai Securities and Exchange Commission approves issuance of debenture by Siam Cement Group
15 February 2022Thailand: The Securities and Exchange Commission has approved Siam Cement Group (SCG)’s planned debenture issuance. Reuters News has reported that the value of the debenture is US$926m.
CP Concrete Consortium receives US$80m funding for Carbon Pool Concrete technology development
31 January 2022Japan: The CP Concrete Consortium has received US$80m in funding under the New Energy and Industrial Technology Development Organisation (NEDO)’s Green Innovation Funding Programme. The funding will support the consortium’s development of its Carbon Pool Concrete reduced-CO2 concrete production technology until 2032. Hazama Ando Corporation leads the consortium along with 14 other members of the Japanese Ready-Mixed and Returned Concrete Solution Association.
Carbon Pool Concrete technology can be used in the construction of pavements, buildings and other civil engineering structures. Through comprehensive carbon life cycle evaluation, the consortium is attempting to robustly link the use of its technology with carbon market instruments and environmental and social governance infrastructure funding. Its aim is to redefine concrete as a carbon neutral material.
Savannah Cement announces upcoming Kitui clinker plant
21 January 2022Kenya: Savannah Cement plans to build an 2.5Mt/yr clinker plant in Kitui, Kitui County. The Standard newspaper has reported that the company has announced a US$352m bond issuance in order to raise funds for the project.
Holcim issues sustainability-linked bonds
20 January 2022Switzerland: Holcim has successfully issued two sustainability-linked bonds worth US$355m and US$109m in the Swiss market. The group says that the issuances are another way in which it keeps climate action at the heart of its financing strategy. It brings the total sum raised by Holcim through sustainable financing agreements to US$7.33bn. Investors will be entitled to a higher coupon if the company does not achieve its climate objective.
Chief finance officer (CFO) Géraldine Picaud said “We are proud to be the first company to launch a sustainability-linked bond on the Swiss franc market. The bond attracted new environmental and social governance investors, demonstrating their confidence in Holcim’s financial strength, strategy and ability to deliver our sustainability targets.”
Fauji Cement takes US$212m loan for cement plant expansions
06 January 2022Pakistan: Fauji Cement has taken out a loan of US$212m from a consortium lead by Habib Bank Limited. The Business Recorder newspaper has reported that the funding will go towards cement plant expansion projects with a total cost of US$339m. Fauji Cement plans to expand its plant in Dera Ghazi Khan, Punjab, while its subsidiary Askari Cement plans to expand its plant in Nizampur, Khyber Pakhtunkhwa. The company says that the projects will together increase its installed cement production capacity to 10Mt/yr.
Xinjiang Tianshan Cement to launch US$2.36bn bonds issue
10 December 2021China: Xinjiang Tianshan Cement plans to launch an issuance of bonds. Reuters has reported the value of the issuance as US$2.36bn.
Cementos Argos to launch US initial public offering
07 December 2021US: Cementos Argos plans to begin trading publically in mid-late 2022 with the launch of an initial public offering (IPO) on the New York Stock Exchange.
The company said “The listing in the US will contribute to the purpose of fully capturing the business value of the company, optimising the capital structure and obtaining the necessary resources to continue executing the growth strategy that the company plans to achieve in that country as a result of the recent approval of the Bipartisan Infrastructure Law for US$1tn and the positive cycle expected for the construction materials industry in the residential, commercial and civil works segments during the next 10 years.”
Vicat agrees Euro250m financial agreement
24 November 2021France/US: Vicat Group has signed a Euro250m financing agreement taking the form of a private placement with US investors. The first tranche of the agreement covers Euro100m, with a maturity of 10 years, at a fixed rate of 1.27%. The second tranche is for Euro150m, with a maturity of 15 years, at a fixed rate of 1.57%. The group says it will use the funding to strengthen the liquidity of its balance sheet, extend the overall maturity of its debt and reduce its average debt ratio.
Udayapur Cement launches upgrade to plant
19 November 2021Nepal: Udayapur Cement has commenced a US$4.2m upgrade and capacity expansion of its cement plant at Jaljale. The work includes replacing the shell of its 20m rotary kiln by the end of February 2021 and installing a reinforcement suspension preheater system, according to the Kathmandu Post newspaper. It will expand the plant’s capacity by 38% to 0.4Mt/yr from 0.29t/yr. The plant’s current equipment dates to 1988. Company spokesperson Laxman Pokharel said "Since the machines are old, we face frequent problems." He added that this has led to increased costs.
The Nepal government has agreed to loan Udayapur Cement US$34.4m, 80% of the project’s budget.