Displaying items by tag: Stake

China: Tianshang Jidong Cement will list and circulate 5% of its shares on 14 July 2022. The producer has the approval of the China Securities Regulatory Commission to raise funds of US$298m from the sale to support its merger with BBMG East Cement.

Colombia: Grupo Gilinski has abandoned its plan to buy a 26% stake in Grupo Argos. Grupo Argos shareholders reportedly offered the prospective buyer an 11% stake in the group on 6 July 2022. This fell below the minimum stake for the tender offer.

China: Huaxin Cement has signed a capital injection agreement with Huangshi State-owned Assets Company to acquire a 5.2% stake in the latter for US$150m. The producer says that it will strengthen its cooperation with Huangshi State-owned Assets Company in order to accelerate development of its non-cement business. It said that the transaction will also improve its innovation capabilities, helping it to achieve a low-carbon transformation. Huangshi State-owned Assets Company indirectly owns a 16% share of Huaxin Cement.

India: Holcim India subsidiary ACC has announced that industrial conglomerate Adani Group's open offer for Holcim's Indian business will open on 6 July 2022 and conclude on 19 July 2022. Live Mint News has reported that the parties expect the deal to subsequently close within 2022.

Denmark: GE Renewable Energy has invested in a minority stake in COBOD International. The companies said that the investment will build on their existing relationship since 2019. GE Renewable Energy chose COBOD International as the global market leader in 3D printing technology, which experienced double-digit growth in 2020.

GE Renewable Energy advanced manufacturing technology leader Matteo Bellucci said “This agreement, which will further strengthen our ability to use COBOD’s 3D printing technology and competences in the renewable energy space, is another sign of our commitment to help drive the energy transition by investing in technology that promotes a more sustainable, circular design strategy and helps to create local jobs.” He continued “Since we started cooperating with COBOD, the company has continued to improve their technical competence and innovative solutions, reinforcing the benefits of solidifying the relationship between our companies.”

Zimbabwe: UK-based Associated International Cement Limited (ACIL) has reportedly rejected an offer for its 76% stake in Lafarge Zimbabwe. Lafarge Zimbabwe company secretary Faithful Sithole said that the parent company is still assessing offers received for the stake. The NewZimbabwe newspaper has reported that the declined offer may have come from China-based Huaxin Cement.

UAE: UltraTech Cement subsidiary UltraTech Cement Middle East Investments has newly acquired 29% of the equity share capital of RAK White Cement. The acquisition brings its total stake in the producer to 30%.

Malaysia: Borneo Oil has increased its investment in the upcoming ILPP cement plant in Sabah to US$12m. The oil company has signed a deal to buy a 19.5% stake in the cement company from Makin Teguh. Borneo Oil previously bought shares from Makin Teguh in late 2021. The company said it is making the move to benefit from a positive outlook for the cement sector in the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area. It estimates that Sabah has a demand of 1.2 – 1.4Mt/yr of cement.

Borneo Oil says it is the largest private owner of limestone reserves of cement grade quality in Sabah. The ILPP plant is located next to a limestone quarry owned by Borneo Oil and a long-term supply contract for the unit is already in place. The ILPP plant will have a cement production capacity of 0.2Mt/yr when it is completed. Commissioning of the plant is scheduled for the third quarter of 2022. The owners say it will be the first integrated plant in Sabah. It will also be the first micro-cement plant in Malaysia that will use heat recovery and a mixture of fuels, including heavy fuel oil and biomass such as a palm kernel shells.

France/Egypt: France-based Vicat has issued a mandatory tender offer to buy an additional 42% stake in Sinai Cement. The proposal follows a final settlement agreement signed between Vicat and the Egyptian government in late March 2021, according to the Daily News Egypt newspaper. Following the completion of the transaction Vicat should own a 98% in the Egypt-based cement producer based on its reported ownership at the end of 2021.

In 2021 Vicat raised a case against the Egyptian government with the International Centre for Settlement of Investment Disputes. Media reports at the time alleged that the cement producer was being 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. Around the same time Vicat also announced publicly that it was keen to continue operating in the country.

India: Sagar Cements has received board approval for the preferential allotment of a 10% stake of equity shares to Premji Invest. ET Now News has reported the value of the deal as US$46m.

Joint Managing Director Sreekanth Reddy Sammidi said “We are delighted to partner with Premji Invest and look forward to their inputs towards strengthening our processes and systems and enhancing value for all our stakeholders.”