Displaying items by tag: Finance
Votorantim Cimentos publishes first-half 2022 results
12 August 2022Brazil: Votorantim Cimentos recorded consolidated sales of US$1.17bn in the first half of 2022, up by 22% year-on-year from US$961m in the first half of 2021. Its cost of sales rose by 36% to US$1.05bn from US$777m. As a result, the group made a loss during the half of US$29.6m, compared to a US$85m profit in the first half of 2021. Group cement volumes grew by 1.1% year-on-year to 17.6Mt from 17.4Mt.
CFO Bianca Nasser said “Despite the slowdown in the world economy, Votorantim Cimentos continues to operate within solid financial metrics and with high liquidity, maintaining its investment grade status with a stable outlook attributed by the credit rating agencies Moody’s and Fitch. The company’s leverage remained at stable levels and in line with our financial policy. In May, we carried out a transaction in the international market that repurchased the most expensive debt in our portfolio, taking advantage of attractive market rates. And we used funds from debt issuances in the local market with more attractive rates to finance our operation.”
Hsing Ta Cement cancels share repurchase
12 August 2022Taiwan: Hsing Ta Cement says that it has cancelled a planned repurchase of US$266m-worth of its shares. The purchase was the company’s fourth successive planned transaction of that kind. It retains a total shareholding worth US$114m.
In the second quarter of 2022, Hsing Ta Cement recorded sales revenues of US$100m and a net profit of US$2.23m.
Siam Cement Group to issue US$426m debenture
11 August 2022Thailand: Siam Cement Group has received approval to issue a new lot of debenture worth US$426m on 3 October 2022. The group says that the debenture replaces its existing lot, which will retire for redemption on 1 October 2022. The new lot has an interest rate of 3.25% and matures on 1 October 2026.
UltraTech Cement raises US$94.6m from commercial papers sale
11 August 2022India: UltraTech Cement has received US$94.6m-worth in commitments on a planned sale of its commercial papers. Reuters News has reported that the papers will reach maturity in November 2022.
China: Anhui Conch Cement and Xinjiang Tianshan Cement plan to launch a joint venture. Reuters News has reported that the companies will inject the joint venture with registered capital of US$297m.
Kesoram Industries to raise funds
26 July 2022India: Kesoram Industries plans to raise fund through high-cost fixed deposits at an annual coupon rate of 12%. The Business Standard newspaper has reported that the producer will use the funds to support its 10.8Mt/yr cement plant network’s working capital requirements.
Tangshan Jidong Cement to issue US$148m in bonds
22 July 2022China: Tangshan Jidong Cement plans to raise US$148m through an issuance of bonds. Reuters News has reported that the producer will use some of the funds to repay its debts, and the remainder to replenish its capital.
Terra CO2 raises US$46m in funding round
13 July 2022US: Silicate-based supplementary cementitious material (SCM) developer Terra CO2 raised US$46m in its first funding round, it announced on 12 July 2022. Fast Company News has reported that climate innovation venture capital company Breakthrough Energy Ventures led the round.
Terra CO2's SCM consists of silicate-containing igneous rocks and sediments, which are ground and heated to form glass spheres. The company says that these behave in a similar way to natural pozzolan and fly ash. Terra CO2 says that its product offers a 70% CO2 emissions reduction compared to ordinary Portland cement (OPC).
China: Tianshang Jidong Cement will list and circulate 5% of its shares on 14 July 2022. The producer has the approval of the China Securities Regulatory Commission to raise funds of US$298m from the sale to support its merger with BBMG East Cement.
Burundi: The government of Burundi says that it is ready to sign a credit letter with Dangote Cement for the establishment of a cement plant in the country. In this way, the government hopes to provide a long-term solution to the on-going national cement shortage. In the meantime, the government urged Dangote Cement to devise ‘modalities for the supply of construction materials’ into the country.
Burundian delegates at a meeting with Dangote Cement on 8 July 2022 said that Northwest Burundi is endowed with abundant limestone reserves.