Displaying items by tag: Shares

India: JSW Cement has received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with its initial public offering (IPO) after a four-month hold-up since September 2024. The IPO includes a fresh issue of shares worth US$230m and an offer for sale by three shareholders, Apollo Global Management, Synergy Capital and State Bank of India (SBI), worth US$230m combined.

Proceeds from the fresh issue will include US$92.3m for a new cement unit in Nagaur, Rajasthan, and US$83m for debt repayment.

India: JK Lakshmi Cement will merge three of its subsidiaries, Udaipur Cement Works, Hansdeep Industries and Trading, and Hidrive Developers and Industries, into its operations. Under the scheme of amalgamation, Udaipur Cement Works’ shareholders will receive four JK Lakshmi Cement shares for every 100 shares held. The merger will ‘simplify the group structure’, making ‘one combined entity focused in the business of cement and cement products’, according to The Business Standard.

Colombia: Grupo Argos and finance conglomerate Grupo Sura have signed a spin-off agreement to dispose of their cross-shareholdings. This includes Grupo Argos subsidiary Cementos Argos’ stake in Grupo Sura. Grupo Argos will continue to focus on building materials and allied sectors.

President Jorge Mario Velásquez of Grupo Argos said “The cross-shareholding structure has far exceeded its objective: Grupo Argos consolidated its presence across the Americas, achieving compound annual growth of 21% in shareholder equity over the past 46 years and positioning Cementos Argos, utilities provider Celsia and construction firm Odinsa as regional leaders in their sectors. The simplification of the shareholding structure and portfolio will become another significant milestone in the disclosure and transfer of value to all Grupo Argos shareholders.”

Chile: Cementos Bío Bío (CBB) concludes negotiations with Mississippi Lime Company (MLC), according to Diario Financiero. Earlier in November 2024, MLC presented a non-binding offer of US$1.89 per share for 100% of CBB, valuing the company at almost US$500m.

Following this, Yura has now increased its offer to US$1.48 per share, valuing CBB at US$390m, after its original proposal ‘lost attractiveness’ to MLC’s offer. Yura aims to increase its stake to 40% in the company.

MLC said "After months of due diligence and review of the company's operational and financial performance, MLC and CBB's principal shareholders shared a non-binding letter of intent in May 2024 subject to conditions. That indicative offer, and its conditions, expired during this year. The revised indicative offer [from Yura], which is subject to all of the terms and conditions set out in the non-binding letter of intent, attributes an equity valuation of US$400m to CBB.”

Philippines: Cemex Holdings Philippines (CHP) sold its entire stake in Swiss-based Cemex Asia Research (CAR) to Cemex Innovation Holding for US$900,459 to streamline its business, according to BusinessWorld. CHP signed a share purchase agreement with Cemex Innovation on 26 November 2024 involving the sale of 118,849 shares. The company is the licensee under certain licence agreements with Cemex and its subsidiaries for certain trademarks and intangible assets, which it sublicensed to CHP and its domestic subsidiaries. Cemex Innovation is an affiliate of Mexican operating and holding company Cemex.

India/US: Shares in Gautam Adani-led conglomerates fell by 20% on 21 November 2024 after prosecutors in the US filed bribery charges against Adani and his associates. They allege a US$250m payoff to Indian officials to secure solar power contracts. Adani, along with seven co-defendants, including his nephew Sagar Adani, is accused of paying the bribes to secure contracts for what would become India's largest solar power project, projected to generate US$2bn in profits over the next 20 years.

The companies affected in the share fall included the Life Insurance Corporation of India (LIC), which holds stakes in seven Adani companies, including ACC and Ambuja Cement, as well as Adani Enterprises, Adani Ports, Adani Green Energy, Adani Energy Solutions and Adani Total Gas.

Adani Group has denied the allegations, calling them ‘baseless.’

Chile: Cementos Bío Bío (Cbb) will likely have new owners soon, as the US group Mississippi Lime Company has offered to acquire 100% of the company for nearly US$400m and shareholders are now negotiating its sale. The producer’s board authorised a due diligence process in May 2024, which has now been substantially concluded. A shareholder of Cbb, Peru's Yura, launched an offer in November 2024 for 20% of the Chilean cement company, thus reaching 40% of the shares. Yura bought 20% of Cbb for US$50m in 2019.

Spain: FCC spin-off company Inmocemento plans to start trading shares on the Spanish Stock Exchanges from 12 November 2024. The cement and real estate business is expected to have a market value of €1.93bn, according to Reuters. FCC said in October 2024 that it had transferred related assets to Inmocemento. This included most of the assets from subsidiaries FCYC and Cementos Portland Valderrivas, in addition to FCC's cement plants and the share it owns in real estate developers Realia and Metrovacesa. All FCC shareholders received a number of shares in Inmocemento proportional to their holdings in FCC. Plans for the spin-off were first reported in May 2024.

Switzerland/US: Holcim may list its upcoming market-separated North American business both in the US and Switzerland, Bloomberg has reported. The possibility arose due to Swiss and European restrictions on foreign shareholdings for locally-based funds, which may result in sales of Holcim stocks, with negative price impacts. On the other hand, a dual listing could potentially reduce the liquidity of any future US-listed shares.

SeeNews has reported that Holcim North America will be headquartered in Zug, Switzerland, for tax ‘advantages,’ while operating out of Chicago, US.

India: UltraTech Cement will procure an additional 7MW of wind-solar hybrid power production capacity from Continuum MP Windfarm, increasing total procurement from 14MW to 21MW. This power is supplied from its 100MW project in Ratlam District in Madhya Pradesh. To facilitate this, UltraTech has raised its shareholding in Continuum MP Windfarm from 3.28% to 5.46% by investing approximately US$2.9m. The acquisition is expected to complete within 120 days following amendments to the power purchase Agreement, share purchase agreement, and shareholders agreement.