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Displaying items by tag: corporate

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Cemex launches sustainability-linked financing framework

08 September 2021

Mexico: Cemex has launched a sustainability-linked financing framework. It says that it is the ‘most comprehensive’ such framework in the building materials sector. The framework further aligns Cemex’s corporate sustainability commitments to its financing strategy, as part of its ‘Future in Action’ program. It establishes Cemex’s guiding principles when issuing new sustainability-linked financing instruments, including public bonds, private placements, loans, derivatives, working capital solutions and other financing instruments. Sustainalytics, an independent company that specialises in providing environmental, social and corporate governance research, ratings and data to institutional investors and companies, validated the framework’s alignment with the Sustainability-Linked Bond Principles, the International Capital Market Association’s Climate Transition Finance Handbook and the Loan Market Association’s Sustainability-Linked Loan Principles.

“Climate change is one of the biggest challenges of our time, and we will continue to address it as a fundamental component of our business strategy,” said Maher Al-Haffar, Cemex's chief financial officer. “Cemex is committed to increasing the role sustainable finance plays in its capital structure by potentially linking the cost of financial instruments to the achievement of targets, directly aligning our corporate finance strategy to sustainability commitments and further contributing to a low-carbon future.”

Cemex has included three key performance indicators in the framework: net CO2 emissions per tonne of cementitious product, clean electricity consumption and alternative fuels rate. All of them were qualified by Sustainalytics and deemed aligned with the company’s climate action strategy. Cemex currently has a 2030 target of reaching below 475kg/t of CO2 for cementitious products.

Published in Global Cement News
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Arghakhachi Cement to issue initial public offering

03 September 2021

Nepal: Arghakhachi Cement has announced that it will issue general shares in an initial public offering (IPO) in the 2023 financial year. The exact date of the IPO is to be released later, according to the Republica newspaper. Separately, the cement producer has received certification from the Nepal Bureau of Standards and Metrology to produce 43 grade Ordinary Portland Cement.

Published in Global Cement News
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Saudi Cement increases holding in United Cement Company

18 August 2021

Bahrain: Saudi Arabia-based Saudi Cement has increased its share in its Bahraini subsidiary United Cement Company (UCC) by 37% to 100%. The purchase of additional shares cost it around US$7.5m in May 2021. UCC is an importer and distributor of bulk cement. It operates a marine terminal and was founded in 1999.

Published in Global Cement News
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Argos North America takes out US$300m loan linked to gender quality and CO2 emission performance

17 August 2021

Colombia: Argos North America has taken out a US$300m loan where the interest rate is linked to CO2 emission reduction indicators and the increase in the percentage of women in leadership positions. It will be used to prepay an existing syndicated loan. The loan has been taken out from BNP Paribas Securities, Natixis, Sumitomo Mitsui Banking Corporation and the Bank of Nova Scotia. This loan is the first linked to environmental, social and corporate governance performance that Argos has signed with international banks.

Published in Global Cement News
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Vicat takes dispute with Egyptian state to international arbitration

03 August 2021

Egypt: France-based Vicat raised a case against the Egyptian government with the International Centre for Settlement of Investment Disputes (ICSID) in late June 2021. It concerns its cement production business. Reporting by the Qatar-based New Arab newspaper alleges that the cement producer was forced to reduce its shares in its subsidiary Sinai Cement due to a law stopping foreign ownership of companies operating in the Sinai Peninsula on the basis of security grounds. It reports that Vicat has reduced its shares in its subsidiary to 42% from 56% previously.

Vicat confirmed in its financial report for 2020 that it was in the process of taking legal action locally on the matter of foreign ownership in the Sinai region. It added that an investment of around Euro35m in Sinai Cement had been delayed due to administrative approval time. In July 2021, Tamer Magdy, the country manager for Sinai Cement, told local press that Vicat was keen to continue investing in the market.

Published in Global Cement News
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Taiheiyo Cement underwrites US$250m capital increase for Taiheiyo Cement Philippines

28 July 2021

Philippines: Japan-based Taiheiyo Cement has underwritten a US$250m capital increase for its subsidiary Taiheiyo Cement Philippines. Nikkei Business Trends News has reported that the company has scheduled six payments between July 2021 and January 2024. The funding will increase Taiheiyo Cement Philippines’ total capital to US$291m.

Published in Global Cement News
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Securities and Exchange Board of India approves Nuvoco Vistas’ US$670m initial public offering

20 July 2021

India: Nuvoco Vistas has received approval from the Securities and Exchange Board of India to launch an initial public offering (IPO) of shares worth US$670m. The Hindu newspaper has reported that the offering will consist of a US$201m issuance of shares and a US$469m offer for sale. Around US$180m of the funds will be used to reduce the group’s debts and the remainder will be used for general corporate purposes.

Published in Global Cement News
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Anjani Portland Cement increases Bhavya Cements stake to 92%

19 July 2021

India: Anjani Portland Cement has agreed to acquire a further 3% in Bhavya Cements to bring its stake in the company to 92% from 89%. The group says that its aim is to further consolidate its shareholding. In early June 2021, Anjani Portland Cement completed its purchase of an 83% stake in Bhavya Cements to increase its shareholding to 89% from 6%.

Published in Global Cement News
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Seven Group takes control of Boral

16 July 2021

Australia: Seven Group has increased its stake in Boral to 52% via a 3% equity swap with Macquarie. the company now has effective control of the building materials producer although it assured Boral that it would retain a majority of independent directors, according to the Sydney Morning Herald newspaper. However, Boral has continued to urge its shareholders to resist the ongoing offer by Seven Group to buy their shares. The takeover bid has been valued at around US$6.5bn. Boral is currently in the process of selling its US fly ash business.

Published in Global Cement News
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Competition Commission of India approves Synergy Metals Investments Holding’s JSW Cement stake acquisition

15 July 2021

India: Synergy Metals Investments Holding has received the Competition Commission of India’s approval via the accelerated ‘green channel notice’ to acquire a minority stake in JSW Cement. The Press Trust of India has reported that the accelerated procedure aims to improve merger regulation through transparent review with a minimal waiting period.

Published in Global Cement News
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