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Penna Cement to launch US$207m initial public offering

19 October 2021

India: Penna Cement has received clearance for a US$207m initial public offering (IPO). The company will offer a US$33.3m stake for sale along with the fresh issue of US$173m. The Times of India newspaper has reported that the company plans to use US$73.3m of the fresh capital to settle its debts and to invest US$14m in the construction of second line at its Krishnapatnam grinding plant Andhra Pradesh. It will invest a further US$10.7m in an upgrade to raw material and clinker grinding mills at its Talaricheruvu cement plant, also in Andhra Pradesh.

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Tangshan Jidong Cement to issue US$155m-worth of bonds

08 October 2021

China: Tangshan Jidong Cement has announced plans to issue a tranche of bonds with a total value of not more than US$155m. Reuters News has reported that the issuance is the second by the company.

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Siam Cement Group launches initial public offering for SCG Chemicals

01 October 2021

Thailand: Siam Cement Group (SCG) has received approval for the issuance and offering of debentures up to US$2.97bn in its subsidiary SCG Chemicals. Reuters News has reported that the group is offering the shares under a medium-term note programme.

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Korcem to establish 1.5Mt/yr Korday cement plant in Zhambyl

27 September 2021

Kazakhstan: Korcem, a joint venture of International Cement Korday and Nurzhan Shakirov, plans to invest US$150m in the upcoming 1.5Mt/yr Korday cement plant in Zhambyl region. The company has a mining licence for 11ha of land in Korday district. International Cement Korday, a subsidiary of Singapore-based International Cement Group, holds 88% of shares in the venture. The plant is scheduled for commissioning in mid-2023.

Chair Ma Zhaoyang said “With our accumulated capabilities and experience in the cement industry in Central Asia, as well as Nurzhan Shakirov’s extensive local expertise in Kazakhstan, we are confident that this joint venture will be another success.”

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Companhia Siderúrgica Nacional Cimentos to resume initial public offering

14 September 2021

Brazil: Companhia Siderúrgica Nacional (CSN) Cimentos plans to resume its initial public offering (IPO) of shares in mid-October 2021. The producer is aiming to raise at least US$478m. It will conclude the offering before 1 January 2022. Parent company CSN previously suspended the IPO in July 2021 due to unfavourable market conditions.

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Saudi Cement increases holding in United Cement Company

18 August 2021

Bahrain: Saudi Arabia-based Saudi Cement has increased its share in its Bahraini subsidiary United Cement Company (UCC) by 37% to 100%. The purchase of additional shares cost it around US$7.5m in May 2021. UCC is an importer and distributor of bulk cement. It operates a marine terminal and was founded in 1999.

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Vicat takes dispute with Egyptian state to international arbitration

03 August 2021

Egypt: France-based Vicat raised a case against the Egyptian government with the International Centre for Settlement of Investment Disputes (ICSID) in late June 2021. It concerns its cement production business. Reporting by the Qatar-based New Arab newspaper alleges that the cement producer was forced to reduce its shares in its subsidiary Sinai Cement due to a law stopping foreign ownership of companies operating in the Sinai Peninsula on the basis of security grounds. It reports that Vicat has reduced its shares in its subsidiary to 42% from 56% previously.

Vicat confirmed in its financial report for 2020 that it was in the process of taking legal action locally on the matter of foreign ownership in the Sinai region. It added that an investment of around Euro35m in Sinai Cement had been delayed due to administrative approval time. In July 2021, Tamer Magdy, the country manager for Sinai Cement, told local press that Vicat was keen to continue investing in the market.

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Securities and Exchange Board of India approves Nuvoco Vistas’ US$670m initial public offering

20 July 2021

India: Nuvoco Vistas has received approval from the Securities and Exchange Board of India to launch an initial public offering (IPO) of shares worth US$670m. The Hindu newspaper has reported that the offering will consist of a US$201m issuance of shares and a US$469m offer for sale. Around US$180m of the funds will be used to reduce the group’s debts and the remainder will be used for general corporate purposes.

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Anjani Portland Cement increases Bhavya Cements stake to 92%

19 July 2021

India: Anjani Portland Cement has agreed to acquire a further 3% in Bhavya Cements to bring its stake in the company to 92% from 89%. The group says that its aim is to further consolidate its shareholding. In early June 2021, Anjani Portland Cement completed its purchase of an 83% stake in Bhavya Cements to increase its shareholding to 89% from 6%.

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Seven Group takes control of Boral

16 July 2021

Australia: Seven Group has increased its stake in Boral to 52% via a 3% equity swap with Macquarie. the company now has effective control of the building materials producer although it assured Boral that it would retain a majority of independent directors, according to the Sydney Morning Herald newspaper. However, Boral has continued to urge its shareholders to resist the ongoing offer by Seven Group to buy their shares. The takeover bid has been valued at around US$6.5bn. Boral is currently in the process of selling its US fly ash business.

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