Displaying items by tag: Stake

Mexico: Cemex has retained a 9.5% stake in Grupo Cementos de Chihuahua (GCC) following a sale of some of shares in the Mexican cement producer. Cemex said that the underwriters did not exercise their over-allotment option to acquire shares in GCC. Originally Cemex said in late 2016 that it intended to sell its full 23% minority stake in GCC.

India: ACC has sold its 12.1% in Shiva Cement to JSW Cement for US$5.8m. Following the sale JSW Cement now holds the entire promoter holding in Shiva Cement, according to the Mint newspaper. In January 2017 JSW Cement announced that it was making an open offer to buy out Shiva Cement. Shiva Cement operates a 0.2Mt/yr cement plant in Rourkela, Odisha.

Tunisia: Finance Minister Lamia Zribi has said that the Tunisian government has decided to sell its share in Carthage Cement. It owns an estimated 41% share of the cement producer, according to Tunis Afrique Presse. Zribi said that the decision was due to financial problems at the company as well as issues with production and export. Carthage Cement's chief executive Ibrahim Sanaa has blamed a rise in production costs on a poor construction market and production overcapacity.

Chile: Cementos Bio Bio plans to sell a 5.38% share in its business at auction on 3 February 2017. The cement producer hopes to raise US$16.8m in the transaction, according to La Tercera newspaper. The transaction will be handled by Credicorp.

Mexico: Cemex has said that it will start selling its 23% minority stake in Grupo Cementos de Chihuahua. The cement producer previously announced its intent to sell its stake but it sought permissions from the regulators first. It intends to sell its shares via a public offering authorised by the Comisión Nacional Bancaria y de Valores and conducted through the Mexican Stock Exchange. It will also run a private placement to eligible investors outside of Mexico.

UK: Sweden’s BillerudKorsnäs has purchased a minor stake in technology company Hanhaa in order to invest in the so-called ‘internet of packaging.’ The company’s technology allows users to track the location and the condition of deliveries in real time and on a large scale across carriers and countries. The investment is being made by a development wing of BillerudKorsnäs in order to develop new solutions in the packaging value chain. No value for the transaction has been disclosed but the investment has been described as ‘small’.

“Combining our own core-related skills with the skills of these start-up companies will allow us to create fruitful collaborations and together identify entirely new solutions. We will also draw on our experience and knowledge of bringing products to market on an industrial scale. Together with Hanhaa, we’re continuing to build tomorrow’s internet of packaging. Expanding our offering of digital solutions will allow us to continue challenging conventional packaging for a sustainable future,” said BillerudKorsnäs Venture Managing Director Anders Persson.

BillerudKorsnäs produces packaging materials and its clients include cement producers.

Bahrain: The Arab Petroleum Investments Corporation (APICORP), a development bank jointly owned by Organisation of Arab Petroleum Exporting Countries (OPEC) member states, has purchased 30% stake in Falcon Cement. The deal was completed with the GFH Financial Group.

“We are delighted to acquire a 30% stake in FCC, Bahrain’s largest cement producer. We believe this is a high growth sector for Bahrain and the investment assists us in diversifying our investment portfolio. The investment is also a strong signal of APICORP’s commitment to driving economic growth throughout the region,” said Raed Al Rayes, Deputy CE and General Manager of APICORP.

Falcon Cement runs the country’s sole integrated cement plant. It has a production capacity of 1000t/day and this is currently being upgraded to 2400t/day in 2017. Another regional firm, Integrated Capital PJSC, part of the Abu Dhabi Financial Group, bought a 10% stake in Falcon Cement in 2016.

India: LafargeHolcim has increased its shareholding in Ambuja Cement and ACC via its subsidiary Holderind Investments. It now owns 63% of Ambuja Cement’s shares and 4.5% of ACC’s shares. The group will pay for the additional stakes in Indian Rupees. The impact on LafargeHolcim’s net debt will be Euro302m. It described India as one of LafargeHolcim’s key markets with solid long-term fundamentals and a clear potential for further improvement in business performance.

Mexico: Cemex wants to sell its 23% stake in Grupo Cementos de Chihuahua through a secondary public offering. Cemex has asked the Comisión Nacional Bancaria y de Valores, Mexico's banking and securities regulator (CNBV), to approve the planned transaction, under which the Mexican building materials company will offer the shares to domestic and foreign investors in a concurrent private placement. The sale will be part of Cemex’s previously announced asset disposal plan. The company wants to sell up to US$2bn worth of assets to reduce its debts.

China: Xinjiang Tianshan Cement, a subsidiary of China National Materials Company (Sinoma), has arranged to sell stakes in two of its companies to Zhongtai Chemical. Zhongtai Chemical will acquire a 64.6% equity interest in Xinjiang Midong Tianshan Cement and the entire equity interest in Xinjiang Fukang Tianshan Cement, currently held by Tianshan Cement. It will also acquire a 19.47% equity interest in Midong Tianshan held by Xinjiang Tunhe Cement.

Sinoma said that the equity transfer aims to respond to the national policy of production capacity reduction, quality improvement and efficiency enhancement, and to realise the preservation and appreciation of the assets of Tianshan Cement.