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Displaying items by tag: Shares
Saudi Cement increases holding in United Cement Company
18 August 2021Bahrain: 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.
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.
Securities and Exchange Board of India approves Nuvoco Vistas’ US$670m initial public offering
20 July 2021India: 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.
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%.
Seven Group takes control of Boral
16 July 2021Australia: 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.
Synergy Metals to acquire JSW Cement stake
13 July 2021India: Dubai-based Synergy Metals has made an offer and sought the permission of the Competition Commission of India to acquire a minority stake in JSW Group subsidiary JSW Cement. The New Indian Express has reported that JSW Group is seeking to reduce its stake ahead of an initial public offer (IPO) for the producer. The company is valued at over US$2.0bn and is seeking to sell US$200m-worth of stakes.
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.
Cemex increases its Cemex Latam Holdings stake to 93%
18 December 2020Colombia: 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.