06 June 2023

Nigeria: BUA Cement has secures a new loan worth US$500m from the International Finance Corporation (IFC). The producer informed the Nigerian Exchange (NGX) that it plans to use the fund for capital expenditure (CAPEX) investments in new projects.

India: JK Cement has secured in-principle approval from its board of directors to enter into a share purchase agreement for 100% of shares in Toshali Cements. The Economic Times has reported the value of the agreement as US$19m.

Toshali Cements operates the 200,000t/yr Ampavalli cement plant in Odisha and the 435,000t/yr Choudwar grinding plant, also in Odisha. JK Cement said that its acquisition of Toshali Cements will help the group to expand into Eastern India.

India: Adani Group repaid loans worth a total of US$2.65bn on 6 June 2023, with a total interest payment of US$700m. Accord Fintech News has reported that the sum includes prepayment of loans worth US$700m used to acquire Holcim India, alongside other loans. This completes the group's prepayment of loans taken for the acquisition, which it completed in September 2022.

India: JK Organisation and Nirma Group have submitted non-binding offers to acquire 40 - 72% stakes in Sanghi Cement. The Economic Times newspaper has reported that promoters value the company at US$726m.

Shree Cement also previously entered non-binding talks to acquire Sanghi Cement on 29 April 2023.

Oman: Abra Holdings has submitted an offer to acquire a 15% stake in Oman Cement. Reuters has reported that the board of Oman Cement confirmed that it is not seeking competing offers.