Russia: Eurocement Group plans to use part of the funds raised from China National Building Materials Group Corporation (CNBM) to reduce its debts. The cement producer told Interfax that, although negotiations are on going, it wants to use some of the funds raised through the Chinese company’s participation in its capital to restructure current debt. It will also use the funding to invest in new ‘high-return’ areas.
Eurocement signed a partnership agreement with CNBM on 25 June 2016 during Russian president Vladimir Putin's visit to China. CNBM plans to develop its business in the construction materials market in Russia and the CIS, including by acquiring an equity stake in Eurocement Group. The total investment could be as high as US$5bn.
