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News Vnesheconombank to buy stake in Asia Cement in exchange for debt

Vnesheconombank to buy stake in Asia Cement in exchange for debt

Written by Global Cement staff 18 July 2016
  • Print

Russia: Asia Cement intends to swap its US$86.5m debt to Vnesheconombank (VEB) for a 49% stake, the Kommersant newspaper has reported. VEB will also provide Asia Cement with a loan to help it refinance two loans, worth a total of US$259.6m. The source quoted by the newspaper said that the swap of the debt for equity was a technical transaction aimed at reducing the company's debt burden. Asia Cement operates a cement plant in the Penza region.

Last modified on 20 July 2016
Published in Global Cement News
Tagged under
  • Russia
  • Vnesheconombank
  • Asia Cement (Russia)
  • Debts
  • Stake

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