Displaying items by tag: Shares

Lithuania: The Lithuanian Competition Council has permitted Germany-based Schwenk Zement to increase its stake in Akmenes Cement to 97% from 47%. The markets authority also granted permission for Schwenk Zement’s 75% acquisition of limestone and clay producer Kalcitas and 100% acquisitions of building materials suppliers Cemeka and Lanku Bokstai.

India: Penna Cement has filed for an initial public offering (IPO) worth US$212m. It plans to offer US$34m-worth of shares for sale and to issue equity shares worth US$177m. United News of India has reported that part of the money raised will fund capital expenditure (capex) investments worth US$58m. The company’s plans consist of a second line at its Krishnapatnam grinding plant in Andhra Pradesh, an upgrade of raw materials and clinker grinding at its integrated Talaricheruvu plant in Andhra Pradesh, and new waste heat recovery (WHR) units at its Talaricherevu plant and its integrated Tandur plant in Telangana. It additionally plans to repay previous loans.

Colombia: Mexico-based Cemex has increased its stake in subsidiary Cemex Latam Holdings to 93% from 73%. Citigroup Global Markets acted as advisor and Corredores Davivienda acted as intermediary broker for the offer.

The group said, “Through the offer, Cemex is simplifying and strengthening its overall capital structure by further consolidating its indirect interest in CLH.

Egypt: Metallurgical Industries Holding has sold its 18% stake in Egyptian Tourah Portland Cement for just under US$3m. Mubasher has reported that Arab African International Securities (AAIS) acted as broker for the transaction.

In October 2019, the Financial Regulatory Authority (FRA) approved HeidelbergCement subsidiary Suez Cement’s mandatory tender offer (MTO) for 100% acquisition of Egyptian Tourah Portland Cement for around US$33m.

US: A US federal court has upheld the ruling of a Colorado district court that Mexico-based Grupo Cementos de Chihuahua (GCC) must pay around US$36m compensation to Compañía de Inversiones Mercantiles (CIMSA) for failing to grant it a right of preference prior to GCC’s sale of its 47% stake in Sociedad Boliviana de Cemento (SOBOCE).

Peru-based Consorcio Cementero del Sur obtained 100% ownership of Bolivia-based SOBOCE following its acquisition of GCC’s stake in 2011.

Egypt: Suez Cement has approved the appointment of Grant Thornton Financial Consulting as a financial advisor as it prepares for a fair value study of its shares. This follows a desire expressed by Heidelberg Cement France, the parent company of Simon France. which directly and indirectly owns 55% of Suez Cement shares, for the submission of a bid to fully buy the company’s shares, according to the Daily News Egypt newspaper. In late September 2020 Suez Cement approved the launch of a tender offer to acquire a 100% stake in its subsidiary, Egyptian Tourah Portland Cement.

Denmark: Novo Holdings has reduced its stake in FLSmidth to 4.8% from 10%. The equipment supplier said that the investor now holds 2.46m of its shares.

Kazakhstan: Private businessperson Azmi Wan Hamzah has increased his stake in Steppe Cement to 31% of issued share capital from 29%. RNS News has reported that Wan Hamzah holds shares in Steppe Cement via Alwah Fund Limited, Halfmoon Bay Capital and Mango Bay Enterprises.

South Africa: PPC has said that it may issue a rights offer for US$68.7m-worth of shares in order to raise funds to ‘repay and restructure debt locally and in other African markets, and to refinance after the economic effects of the Covid-19 pandemic.’ Pretoria News has reported that PPC has forecasted a 20% year-on-year drop in earnings in the year to 31 March 2020 due to ‘a slump in domestic demand and an influx of cheaper Chinese imports, even prior to lockdown.’

India: JSW Group has delayed the initial public offering for its subsidiary JSW Cement to 2022 from December 2020 due to lack of demand for cement. Mint News has reported that the company will increase its cement production capacity during the intervening period by 43% to 20Mt/yr from 14Mt/yr.

Managing director Parth Jindal said, “A second consecutive year of decline in cement demand has delayed our expansion plans.” He added, "We will restart capital expenditure projects worth US$160m in October 2020. We're adding 1.5Mt/yr of integrated capacity and 3.0Mt/yr of grinding capacity."

JSW Cement’s cement production fell by 30% year-on-year in the three months that ended on 30 June 2020.