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Displaying items by tag: corporate

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Cemex raises 2021 full-year earnings guidance

29 June 2021

Mexico: Cemex has forecast full-year earnings before interest, taxation, depreciation and amortisation (EBITDA) of US$3.10bn in 2021, up by 26% year-on-year from US$2.46bn in 2020. The forecast figure is 7% higher than its previous prediction of US$2.90bn in its first quarter 2021 earnings call. The company said that it expects the double-digit growth to continue into 2022. It said that in 2023 and estimated US$400m of additional EBITDA will come from bolt-on investments and its on-going 10Mt/yr cement capacity expansion.

Published in Global Cement News
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Dangote Cement completes US$734,000 bond issuance

17 June 2021

Nigeria: Dangote Cement has successfully issued 50bn fixed rate senior unsecured bonds. The total value of the multi-instrument issuance programme is US$734,000. The proceeds of the bond issuance will be used to pay for expansion projects, short-term debt refinancing and working capital requirements.

Published in Global Cement News
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Adani Enterprises incorporates Adani Cement

14 June 2021

Pakistan: Adani Enterprises has incorporated Adani Cement as a wholly-owned subsidiary. The Pioneer newspaper has reported that the new company will produce various classes of cements. However, it is yet to start business operations.

Published in Global Cement News
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Cemex concludes sale of subordinated notes

10 June 2021

Mexico: Cemex has concluded the sale of subordinated notes with a value of US$1.0bn. The company says that it will use the proceeds from the bonds sale for various purposes, including debt repayment.

Chief financial officer Maher Al-Haffar said, “The purpose of this transaction is to further Cemex in its pursuit of an investment grade capital structure and a commensurate leverage ratio.”

Published in Global Cement News
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JSW Cement merges large projects division into JSW Group large projects division

07 June 2021

India: JSW Group has established a new large projects division. The division combines the former large projects division of its subsidiaries JSW Cement and JSW Steel. It will use the group’s new end-to-end sales platform Aikyam, according to United News of India. The integration is expected to create large scale volume opportunities for the steel and cement businesses in Maharashtra, Gujarat, Karnataka, Telangana and Andhra Pradesh.

Director Parth Jindal said, "JSW Group has the unique advantage of providing an integrated offering to its large customers in the infrastructure and building industries space.” He added "I expect Aikyam to fundamentally change the way JSW works with its large clients, while ensuring that our relationships continue to get stronger through a single group interface, bolstered by strong internal collaboration. In the near future we plan to offer other group products such as paints, construction chemicals, ready-mix concrete and many others to our large institutional customers through the Aikyam interface."

Published in Global Cement News
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China National Building Material amends subsidiaries’ new joint venture funding plans

25 May 2021

China: China National Building Material has amended the funding arrangements for an upcoming joint venture of its subsidiaries China United Cement and Henan Investment Group. Reuters has reported that China United Cement will now contribute US$937m to the joint venture’s registered capital, while Henan Investment Group will contribute US$622m.

Published in Global Cement News
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CSN Cimentos to launch initial public offering

19 May 2021

Brazil: CSN Cimentos has filed for an initial public offering (IPO). Reuters previously reported that the Companhia Siderúrgica Nacional (CSN) subsidiary entered talks with Banco Bradesco and JPMorgan Chase regarding management of a future IPO in February 2021. CSN has not revealed the bank it has chosen.

Published in Global Cement News
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Schwenk seeks purchase of Akmenes Cement

10 May 2021

Lithuania: Germany-based Schwenk Zement has sought to increase its stake in 50% subsidiary Akmenes Cement to 97%. The company is also seeking the acquisition of a 75% stake in limestone supplier Kalcitas. The producer took over Mexico-based Cemex’s stake in Akmenes Cement in 2019.

Published in Global Cement News
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Nuvoco Vistas plans US$677m initial public offering

06 May 2021

India: Nirma Group subsidiary Nuvoco Vistas plans to launch a US$677m initial public offering (IPO). The Economic Times newspaper has reported that the IPO consists of a US$190m – US$203m fresh issue and a US$474m offer for sale. The company’s targeted valuation after listing is US$4.74bn, in line with the value of Switzerland-based LafargeHolcim subsidiary ACC.

Nuvoco Vistas first acquired its cement assets from Lafarge India in 2017.

Published in Global Cement News
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Solidia Technologies raises US$78.0m in funding

04 May 2021

US: Solidia Technologies has raised US$78.0m-worth of private investment in a funding round. The latest investors include Imperative Ventures, Zero Carbon Partners and Breakthrough Energy Investors. Existing backers providing new funds include BP, John Doerr and OGCI Climate Investments, which is the venture capital arm of the Oil and Gas Climate Initiative, a consortium of multinational oil companies. Solidia Technologies produces reduced-CO2 concrete with lower-energy cement and water-free CO2 curing.

Published in Global Cement News
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