Displaying items by tag: Shares

India: ACC has sold its 12.1% in Shiva Cement to JSW Cement for US$5.8m. Following the sale JSW Cement now holds the entire promoter holding in Shiva Cement, according to the Mint newspaper. In January 2017 JSW Cement announced that it was making an open offer to buy out Shiva Cement. Shiva Cement operates a 0.2Mt/yr cement plant in Rourkela, Odisha.

Philippines: Eagle Cement is planned an initial public offering (IPO) of US$183m to partly pay for a US$249m cement plant it wants to build in Cebu. The plant will have a cement production capacity of 2Mt/yr when complete, according to the Philippines Star newspaper. The project will also include building a distribution centre and marine terminals in Southern Luzon, Visayas and Mindanao regions. Additional financing will be sourced though debt funding and internal sources. Construction is scheduled to start in the fourth quarter of 2017 and the project is anticipated to be finished in the first quarter of 2010.

Mexico: Cemex is selling a 15.6% stake in Grupo Cementos de Chihuahua (GCC). If all 51,750,000 shares of GCC are sold the cement producer will raise around US$240m in revenue before expenses. Following the sale Cemex will retain a 7.4% direct interest in GCC.

Mexico: Cemex has said that it will start selling its 23% minority stake in Grupo Cementos de Chihuahua. The cement producer previously announced its intent to sell its stake but it sought permissions from the regulators first. It intends to sell its shares via a public offering authorised by the Comisión Nacional Bancaria y de Valores and conducted through the Mexican Stock Exchange. It will also run a private placement to eligible investors outside of Mexico.

Trinidad & Tobago: Cemex’s indirect subsidiary Sierra Trading has successfully made its offer and take-over bid for Trinidad Cement. The subsidiary received the Foreign Investment License from the Trinidad & Tobago Ministry of Finance confirming that all terms and conditions of an amended offer made in January 2017 had been accepted.

Cemex increased its offer to buy a controlling stake in Trinidad Cement in mid-January 2017 with a value of up to around US$100m. However, the directors of Trinidad Cement recommended twice that its shareholders reject the offer. Although Cemex has passed the threshold required to take control of Trinidad Cement its share offer will remain open in Jamaica for local shareholders until 7 February 2017 due to local legislation.

South Africa: PPC has completed the components of its 2008 broad-based black economic empowerment (B-BBEE) transaction, releasing US$74m in funding in mid-December 2016. Strategic black partners and community service groups subscribed for 15.6 million shares as part of earlier agreements. The funding will be used to reduce company debts and pay for a new production line at its Slurry cement plant in Lichtenburg.

India: JSW Cement has acquired a promoters' share in Shiva Cement and has also launched an open offer to acquire a 32% stake from public shareholders in the company. JSW Cement, with Sun Investments Private and Reynold Traders, has made an open offer to the public equity shareholders of Shiva Cement to buy up to a 32% share in the company at a value of US$12.8m. In late September 2016 promoters of Shina Cement held a 37.15% stake, while public shareholders held the remaining 62.85%, according to Indian media.

Trinidad & Tobago: Cemex has increased its offer to buy a controlling stake in Trinidad Cement. The cement producer has instructed its subsidiary Sierra Trading to make a higher offer and take-over bid with a value of US$101m with a deadline of 24 January 2017. Previously, in early December 2016 it offered US$89m. The amended offer is dependent on Cemex acquiring control of Trinidad Cement, among other conditions. In late December 2016 the directors of Trinidad Cement advised shareholders to reject Cemex’s offer because it was seen as poor value.

Trinidad & Tobago: The directors of Trinidad Cement have advised shareholders reject an offer by Cemex to take over the company. The cement producer issued a circular to its shareholders in late December 2016 advising them that the offer by Cemex’s subsidiary Sierra Trading was ‘not fair’ from a financial point of view. Cemex released plans in early December 2016 to present an offer and take-over bid to Trinidad Cement’s shareholders that would, if successful, give it control of the company. The value of the offer was placed at US$89m and it expires on 10 January 2016.

Trinidad and Tobago: Cemex plans to takeover Trinidad Cement by increasing its share in the cement producer through its subsidiary Sierra Trading. It will present an offer and take-over bid to Trinidad Cement’s shareholders, which if successful, will increase its share of the company to 74.9% from the 39.5% that it holds at present. The value of the offer has been placed at US$89m. The offer is reliant on Sierra acquiring at least enough of Trinidad Cement’s shares to give it control. The offer period is expected to close on 10 January 2017.

If the offer is successful, Trinidad Cement will continue operating as previously. Trinidad Cement’s main operations are in Trinidad and Tobago, Jamaica and Barbados. It is the majority shareholder of Caribbean Cement Company.