Displaying items by tag: Finance
China Tianrui Group Cement secures loan
22 January 2024China: China Tianrui Group Cement has signed a new loan facility agreement. Reuters has reported the value of the loan as US$23.1m.
Hetauda Cement Industry to resume production in February 2024
19 January 2024Nepal: Hetauda Cement Industry (HCI) will resume cement production at its Hetauda cement plant in early February 2024, following a suspension due to coal shortages. HCI uses 36,000t/yr of coal, and currently has 600t in stockpiles. The República newspaper has reported that on-going issues with equipment have reduced the Hetauda cement plant’s effective capacity to 10,000 bags per day. Additionally, HCI has failed to find a buyer for a shipment of 225,000 bags of cement. The Nepali government is reportedly considering paying new subsidies to the company.
General manager Basanta Raj Pandey said "The management of the factory has requested the Office of Prime Minister and Council of Ministers and the Ministry of Industry, Commerce and Supplies to provide subsidies to help resume its production."
Nepal’s Minister for Industry, Commerce and Supplies Ramesh Prasad Rijal said "The Prime Minister and his government are discussing arranging all possible subsidies to bring the industry back into operation as soon as possible."
Gaurav Rajput appointed deputy general manager finance and accounts at Dalmia Bharat Group
17 January 2024India: Dalmia Bharat Group has announced its promotion of Gaurav Rajput to the role of deputy general manager finance and accounts. Rajput joined Dalmia Bharat Group from IT company IBM in 2023. He previously worked for LafargeHolcim India and ACC.
Saudi Arabia: Najran Cement has informed investors via a posting on the Saudi Exchange that it expects its cost of sales to rise by 13%. This is due to an increase in the price of fuels by its supplier Saudi Aramco. The cement producer noted that the waste heat recovery (WHR) system installed at its Najran cement plant has partly reduced the anticipated impacts on costs.
Najran Cement said “The company will work during the coming period to explore ways to reduce the financial impact of this adjustment on the company’s profits and will continue to implement its plans to reduce costs and improve production and operating efficiency. It will also work with government agencies to explore ways to diversify energy sources.”
Hume Cement Industries sells land in Pulau Pinang
12 January 2024Malaysia: Hume Cement Industries has accepted an offer for a parcel of land it owns in Prai Industrial Estate, Pulau Pinang. Reuters has reported the value of the deal as US$8.57m, on which Hume Cement Industries expects to make a net gain of US$6.89m.
JSW Cement prepares for initial public offering
11 January 2024India: JSW Group has initiated the process for an initial public offering (IPO) for JSW Cement. The Financial Express newspaper has reported that the group expects the IPO to raise US$723m.
Sumitomo Mitsui Banking Corporation provides credit facility for UltraTech Cement Middle East Investments
05 January 2024UAE: India-based UltraTech Cement has issued a guarantee of US$147m in favour of the Singapore branch of Sumitomo Mitsui Banking Corporation. Reuters has reported that the guarantee is for a credit facility in favour of the producer’s UAE subsidiary UltraTech Cement Middle East Investments.
UltraTech Cement Middle East Investments obtained a majority stake in Duqm Cement in Oman in 2023.
Hume Cement Industries issues medium-term notes
19 December 2023Malaysia: Hume Cement Industries has issued medium-term notes worth US$21.4m, which it said were fully redeemed on 18 December 2023. InPR News has reported that the issuance is the first part of a US$107m programme.
Lafarge faces new court case in US over alleged terror funding
15 December 2023US/Iraq: Victims of ISIS brought a new claim for compensation against Lafarge on 14 December 2023 for its alleged complicity in crimes committed by the terrorist group in Iraq. A group of US citizens who belong to the Yazidi minority has sued the company, now part of Switzerland-based Holcim, in a US court. ISIS conducted a genocide against the Yazidi people in Sinjar, Iraq, beginning on 3 August 2014. The genocide involved 2100 – 4400 killings and 4200 – 10,800 abductions of girls and women, and displaced 500,000 people.
On 18 October 2023, Lafarge and Lafarge Syria pleaded guilty to conspiring to provide material support to ISIS and its ally al-Nusra Front by paying them approximately US$5.92m to continue operating during the Syrian Civil War.
Barrister Amal Clooney, representing the claimants in the latest case, said “It is shocking that a leading global corporation worked hand in hand with ISIS while ISIS was executing American civilians and committing genocide against Yazidis. We hope that this case will send a clear message that supporting terrorists cannot be ‘business as usual’ and that there will be justice for the victims.”
NI Capital to sell Misr Cement Qena stake
11 December 2023Egypt: NI Capital, the investment arm of Egypt’s National Investment Bank, plans to sell its 10% stake in Misr Cement Qena. The Al Borsa newspaper has reported that the company is preparing to tender for a financial advisor for the intended sale. The divestment would form part of a US$5bn International Monetary Fund (IMF)-mandated privatisation programme, due to conclude before June 2024.