Displaying items by tag: Sale

India: The deadline for bidding for Binani Cement has been extended until 15 January 2018 as the cement company takes potential buyers on a tour of its grinding plant in Dubai. The Rajasthan-based cement producer is being sold following bankruptcy proceedings, according to the Daily News & Analysis newspaper. The family-owned company with cement plants in Indian, China and the UAE has attracted a high level of interest from both international and local cement companies.

Tunisia: The government and Bina, the controlling shareholders of Carthage Cement, are selling a majority stake in the cement producer via public tender. The two investors own a 50.52% stake of the company. The cement producer operates a 2.2Mt/yr plant at Djebel Ressas. Expressions of interest are being accepted until 16 February 2018.

Sweden: Sandvik has completed the sale of its Sandvik Process Systems division to asset management company FAM AB. The divestment has agreed for around Euro500m in June 2017. Sandvik Process Systems manufactures industrial process solutions based on steel belts, steel belt based equipment and process solutions within adjacent technologies.

Georgia: HeidelbergCement has sold 50% of the voting rights in its Georgian business to Cement Invest, an investment company jointly managed and owned by the Georgian Co-Investment Fund (GCF) and Hunnewell Partners. HeidelbergCement and Cement Invest will jointly control the resulting joint venture. The transaction will contribute in total about Euro115m to cutting HeidelbergCement’s net debt.

“The joint venture’s competitiveness will be improved with the modernisation of the Kaspi cement plant, where the construction of a modern dry kiln line already started in 2016 and is expected to be finalised by the end of 2018. The disposal is part of our portfolio review and optimisation with the goal to generate additional cash flow in order to support our disciplined growth and increase shareholder returns,” said Bernd Scheifele, chairman of the managing board of HeidelbergCement.

HeidelbergCement started operating in Georgia in 2006. The new joint venture operates three integrated cement plants, a cement grinding facility and a cement terminal on the Black Sea coast. The cement production capacity exceeds 2Mt/yr. A network of 13 ready-mixed concrete plants and two aggregate quarries supports the cement business.

Mexico: Cemex has sold its remaining direct 9.47% stake in Grupo Cementos de Chihuahua (GCC) for around US$168m. Proceeds from the sale will be used for debt reduction and for ‘general’ corporate purposes. However, the Mexican cement producer will continue to hold a 20% indirect stake in GCC through its subsidiary Camcem.

US: Votorantim Cimentos is selling its 50% stake in Suwannee American Cement based in Florida. The sale is intended to focus Votorantim’s portfolio and reduce its debts according to the Valor Econômico newspaper. The effects of Hurricane Irma are expected to increase the selling time. Votorantim operates the 1Mt/yr Suwannee cement plant in Branford with Anderson Columbia. The cement producer supplies markets in Florida and Georgia.

South Korea: Four companies have been shortlisted to buy a full stake in Halla Cement. Asia Cement, Sungshin Cement, Aju Corporation and LK Investment Partners are all contenders for the sale, according to sources quoted by the Maeil Business Newspaper. Six investors submitted preliminary bids for the cement producer and Halla Cement’s largest shareholder Baring Private Equity Asia and its sales advisor Citigroup Global Market Securities Korea chose the final selection.

The shortlisted companies will have up to six weeks to conduct due diligence procedures before submitting final bids in early November 2017. The seller intends to pick a final bidder by mid-November 2017.

Baring Private Equity Asia and Glenwood Private Equity bought Lafarge Halla Cement from LafargeHolcim in mid-2016 for Euro427m.

Tunisia: Al Karama Holding, a state-owned company, has initiated a bidding process to sell its stake in Carthage Cement. The company has started a consultation process with investment banks and consultation firms to help it sell its direct and indirect stakes in BINA Group, that includes Carthage Cement, according to the African Manager website. The deadline for bids is 16 June 2017. The government owns an estimated 41% share of the cement producer.

India: Jaiprakash Associates’ (JAL) US$2.58bn sale of cement plants to UltraTech is likely to be completed by May 2017. Manoj Gaur, the executive chairman of JAL, said that the majority of the payment would be used to pay of debts, according to the Times of India. The cement producer is selling integrated cement plants with a production capacity of 17.2Mt/yr and grinding plants with a capacity of 4Mt/yr.

Brazil: Camargo Corrêa is conducting talks to sell its cement business InterCement for US$6.5bn. Two bids, including one by Mexico’s Cemex, have already been made according to the O Globo newspaper. The Brazilian conglomerate was reportedly selling a minority stake in InterCement in mid-2015 and in late-2015 its chief executive officer Vitor Hallack said it was prepared to sell its assets to cut its debts.

InterCement is the second largest cement producer in Brazil with a production capacity of 15Mt/yr and 12 integrated cement plants. The country as a whole saw its domestic sales of cement fell by 11.7% year-on-year to 57.2Mt in 2016 according to data from the Brazilian National Union of Cement Industry.