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Shandong Shanshui Cement starts to tidy up debts 16 December 2016
China: Shandong Shanshui Cement has entered into a debt investment framework agreement. Cinda Shandong will acquire the defaulted bonds issued by Shandong Shanshui. It will also loan Shandong Shanshui up to US$1.15bn. Deputy chairman Mi Jingtian told the Xinhua News Agency that his company had 'paid in full' all outstanding interest and regained a 'normal working relationship' with commercial banks. Earlier in December 2016 Shandong Shanshui said that it had settled with China Merchants Bank in a dispute over US$81m of loans. Shanshui Cement has faced financial problems since a shareholder battle for control of the company took place in late 2015.
Europe: Cembureau, the European Cement Association, has raised concerns that amendments submitted by the European Parliament’s Environment Committee, which foresee in an introduction of a Border Adjustment Measure (BAM) with the loss of free allowances for the cement sector in Phase IV of European Union (EU) Emissions Trading Scheme (ETS), starting in 2020, will be detrimental to the local cement industry. The association is concerned that the changes unduly affect the cement industry, although lime, brick and tile industry have been included also.
The association described included that a BAM against certain but not all sectors as 'discriminatory and legally flawed.' It raised the problems that the policy would bring for the competitiveness of the cement industry both globally and internally. It also blamed the influence of reports by non-government agencies upon policymakers.
Environmental campaign group Sandbag defended the changes as ones that could put a stop to the, ‘cement sector’s windfall profits from the ETS.’ It argued that the proposed import inclusion carbon mechanism would expand the scope of the ETS to
include imported materials for a number of sectors, meaning that products sold in the EU would face the same costs for carbon compliance, regardless of their origin.
"In a number of ways, this proposal marks a huge step forward in the evolution of the ETS. The proposed border adjustment measures are a good starting point for levelling the playing field for all cement producers," said Wilf Lytton, Industrial Carbon Researcher at Sandbag.
Fecto Cement to bid for Dewan Cement’s Hattar plant 15 December 2016
Pakistan: Fecto Cement plans to bid for the Hattar cement plant owned by Dewan Cement. Abdul Samad, Fecto Cement’s company secretary, said that the company would evaluate the information to be provided by the financial advisor of Dewan Cement for carrying out due diligence in relation to the prospective acquisition of the plant. He added that the sale would be subject to finalisation of commercial terms, completion of due diligence, execution of definitive agreement and receipt of regulatory approvals.
Cruz Azul to spend US$300m on plant upgrades 15 December 2016
Mexico: The Cruz Azul Cooperative plans to spend US$300m towards upgrades at its four cement plants. The investment will form part of a modernisation project over the next four years, according to CNN Expansión. The initiative will involve updating older production lines with environmental upgrades, expanding its production capacity for export and generating energy from wind power.
Lafarge Surma Cement to buy Holcim Bangladesh 15 December 2016
Bangladesh: Lafarge Surma Cement, a joint venture between LafargeHolcim and Cementos Molins, intends to buy a 100% stake in Holcim Bangladesh from LafargeHolcim for US$117m. The transaction is subject to approval by the shareholders of Lafarge Surma as well as other regulatory and customary approvals in Bangladesh. Following the acquisition Lafarge Surma Cement will operate one integrated cement plant and three grinding plants in the country. It will also offer a range of products including Supercrete, Holcim Strong Structure, Holcim Red and Holcim Gold.