Displaying items by tag: Finance
China: Xinjiang Tianshan Cement has secured board approval for an issue of commercial paper. Reuters has reported the total value of the paper as US$2.19bn.
Finland: VTT Technical Research Centre subsidiary Carbonaide has concluded its seed funding round, having raised funds worth Euro1.8m. Lakan Betoni, which produces precast and ready-mix concrete, led the funding, along with utilities provider Vantaa Energy. Carbonaide will use the funds to build an industrial pilot plant for its carbon neutral precast concrete product at an existing precast concrete plant in Hollola. The plant will bind captured CO2 in the product at atmospheric pressure. The process generates 50% lower CO2 emissions than precast concrete production using ordinary Portland cement (OPC). Suitable raw materials include ground granulated blast furnace slag (GGBFS), green liquor dregs and bio-ash. In trial production, the use of GGBFS gave Carbonaide's concrete a negative carbon footprint of -60kg/m3.
Other sources of loans and in-kind contributions included Finnish state innovation fund Business Finland.
India: Adani Group is rumoured to have entered negotiations to extend the repayment duration of its US$4bn loan for the acquisition of Holcim's Indian business. The group secured the funds in August 2022. The Economic Times newspaper has reported that the group is seeking to extend the duration of its repayments from 18 months to at least five years. It is reportedly also seeking a similar extension for a parallel US$1bn mezzanine loan tranche.
Adani Group described the rumour as 'incorrect.'
JK Cement to raise US$12.1m through bonds issue
17 March 2023India: JK Cement plans to issue US$12.2m-worth of bonds with a five-year maturity. Reuters has reported that the producer will receive bids from 20 March 2023.
Cemex issues US$1bn in notes
15 March 2023Mexico: Cemex has made an issue of US$1bn-worth of notes without a maturity date. The producer says that the proceeds will fund its green initiatives.
Cemex said "Eligible green projects include capital, operating and research and development expenditures related to pollution prevention and control, renewable energy, energy efficiency, clean transportation, sustainable water and wastewater management and eco-efficient and/or circular economy-adapted products, production technologies and processes.”
Najran Cement obtains US$22.6m loan
14 March 2023Saudi Arabia: Najran Cement has signed a deal for a US$85m six-year financing facility from Al Rajhi Bank. The producer says that its logistics unit will use the funds 'to endorse its core business activities.'
Taiheiyo Cement secures a Transition-Linked Loan
09 March 2023Japan: Taiheiyo Cement has obtained a Transition-Linked Loan, the first of its kind in the Japanese cement industry. The loan employs sustainability performance targets (SPTs) based on the company's 2030 interim sustainability targets and 2050 Carbon Neutral Strategy. The former consists in a 40% reduction in its total CO2 emissions, including Scope 3, and a 20% reduction in its Scope 1 and 2 CO2 emissions, between 2000 and 2030.
Cemex raises US$5.8m from bond repurchases
07 March 2023Mexico: Cemex raised US$5.8m dollars from bond repurchases in 2022. Noticias Financieras News has reported that the producer paid US$65.2m for tender offers and other market operations over the same period.
BUA Cement's earnings and profit rise in 2022
28 February 2023Nigeria: BUA Cement's gross earnings rose by 31% year-on-year to US$1.29bn in 2022 from US$981m in 2021. Meanwhile, the producer's net profit rose by 2.2% year-on-year to US$193m. The group said that increased bagged cement sales volumes offset the impacts of inflation and currency effects. BUA Cement's full-year finance costs were US$23m, up by a factor of six year-on-year.
India: JK Cement's consolidated sales were US$839m during the first nine months of the 2023 financial year, up by 23% year-on-year from US$682m during the corresponding period of the 2022 financial year. The producer's costs grew across all areas of expenditure, resulting in a net profit for the period of US$37.4m, down by 36% year-on-year.
JK Cement received approval for the issuance of up to US$12.1m in redeemable non-convertible debentures (NCDs) on private placement basis on 6 February 2023.