Displaying items by tag: Finance
Najran Cement obtains US$22.6m loan
14 March 2023Saudi Arabia: Najran Cement has signed a deal for a US$85m six-year financing facility from Al Rajhi Bank. The producer says that its logistics unit will use the funds 'to endorse its core business activities.'
Taiheiyo Cement secures a Transition-Linked Loan
09 March 2023Japan: Taiheiyo Cement has obtained a Transition-Linked Loan, the first of its kind in the Japanese cement industry. The loan employs sustainability performance targets (SPTs) based on the company's 2030 interim sustainability targets and 2050 Carbon Neutral Strategy. The former consists in a 40% reduction in its total CO2 emissions, including Scope 3, and a 20% reduction in its Scope 1 and 2 CO2 emissions, between 2000 and 2030.
Cemex raises US$5.8m from bond repurchases
07 March 2023Mexico: Cemex raised US$5.8m dollars from bond repurchases in 2022. Noticias Financieras News has reported that the producer paid US$65.2m for tender offers and other market operations over the same period.
BUA Cement's earnings and profit rise in 2022
28 February 2023Nigeria: BUA Cement's gross earnings rose by 31% year-on-year to US$1.29bn in 2022 from US$981m in 2021. Meanwhile, the producer's net profit rose by 2.2% year-on-year to US$193m. The group said that increased bagged cement sales volumes offset the impacts of inflation and currency effects. BUA Cement's full-year finance costs were US$23m, up by a factor of six year-on-year.
India: JK Cement's consolidated sales were US$839m during the first nine months of the 2023 financial year, up by 23% year-on-year from US$682m during the corresponding period of the 2022 financial year. The producer's costs grew across all areas of expenditure, resulting in a net profit for the period of US$37.4m, down by 36% year-on-year.
JK Cement received approval for the issuance of up to US$12.1m in redeemable non-convertible debentures (NCDs) on private placement basis on 6 February 2023.
Mexico: GCC has secured validation by the Science-Based Targets Initiative (SBTI) for its latest CO2 reduction goals. The group has committed to reducing its Scope 1 emissions per tonne of cementitious product by 31% and its Scope 2 emissions per tonne of cementitious product by 57% between 2015 and 2030. It has also committed to a 37.5% absolute reduction in its products’ Scope 3 emissions over the same period. The goals will serve as sustainability performance targets for GCC’s US$500m sustainability-linked bond, which it issued in January 2022.
GCC's vice president of sustainability and environment Gina Lotito said "We are proud and excited to be a catalyst of progress towards a low-carbon future. Our laser-focus on our climate change strategy and emphasis on reducing CO2 emissions is a testament to our commitment to creating a sustainable future. While we celebrate our achievements, we acknowledge that there is still much work to be done and remain steadfast in our mission."
Lhoist and others secure Euro4.5m in EU funding for carbon capture and utilisation project
19 January 2023Belgium: The EU Innovation Fund has awarded Euro4.5m to a consortium consisting of Lhoist, gas provider Fluxys Belgium, concrete products company Prefer and carbonation technology developer Orbix. The collaborators are working on a project called CO2ncrEAT. The project will carbonate steel sector by-products with captured CO2 from Lhoist's Hermalle lime plant to produce alternative building materials. CO2ncrEAT will be the first project to employ Orbix's innovative technique for the purpose. Fluxys Belgium's pipeline technology will convey the Hermalle plant's emissions over a distance of 2km to a Prefer concrete blocks plant.
The consortium said that it will use 12,000t/yr of CO2 to produce 100,000t/yr of reduced-CO2 concrete blocks. The use of alternative raw materials in the blocks will further reduce their carbon footprint by 8000t/yr.
Lhoist Western Europe managing director Vincent Deleers said “The project fits perfectly with our willingness to actively develop CO2 capture and sequestration technologies that are essential to the sustainability of our industry. We are delighted that our work on innovative solutions has been recognised by the European Innovation Fund and we look forward to working with our partners to bring CO2ncrEAT to the next level.”
Heidelberg Materials places Euro750m sustainability-linked bond
16 January 2023Germany: Heidelberg Materials has placed a Euro750m sustainability-linked bond as part of a Euro10bn medium-term note programme. Interest on the bond is linked to group CO₂ emissions reduction, according to key performance indicators up to 2026 and 2030. Heidelberg Materials is committed to reducing its emissions per tonne of cementitious product by 30% between 2021 and 2030, to 400kg/t.
Heidelberg Materials' chief financial officer René Aldach said "The placement reinforces our aspiration to achieve the most ambitious climate targets within the industry and to increase the share of sustainable financial instruments to over 70% by 2025. With the denomination of Euro1000, we are the only company on the capital market to date to also offer retail investors the opportunity to invest in sustainability-linked bonds."
China Tianrui Group Cement settles US$30m loan
10 January 2023China: China Tianrui Group Cement settled a term loan facility on 9 January 2023. Reuters has reported the value of the facility as US$30m.
Court prevents bank seizure of Savannah Cement's assets
20 December 2022Kenya: The Supreme Court of Kenya has ordered lenders Absa Bank and KCB Group to not seize Savannah Cement's assets or appoint administrators or receivers for it after the producer defaulted on its debts. The producer's debts include US$2.41m in interest and US$110,000 in penalties. The temporary block will stand until the court issues further directions. Business Daily News has reported that the court has ordered Savannah Cement to pay US$81,200 to Absa Bank by 28 December 2022.
Savannah Cement director Benson Sande Ndete alleged that lenders coerced the company into repaying US$40.6m-worth of debt. The law forbids interest payments greater than the principal sum of a loan.
Ndete said, "The firm is working to complete the funding of its Kitui clinker plant project, which will allow it to get all the funds necessary to clear the debts."