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Russia: Eurocement and Sberbank CIB, Sberbank’s corporate and investment banking business have agreed on conditions for restructuring the company’s loan portfolio. The restructuring involves postponing the repayment of loans worth a total of US$592m and US$360m for up to six years, as well as optimising interest rates for the company’s loan portfolio at Sberbank.
“Sberbank CIB is a strategic partner of Eurocement. This agreement will help us cut debt servicing costs and minimise the influence of negative macroeconomic factors on our company,” commented Mikhail Skorokhod, President of Eurocement. The conditions for restructuring the debt portfolio will enable Eurocement to take a more flexible approach to financing its operational activities and help it achieve strategic goals.
Shanshui Cement warns of ‘significant’ loss in 2015 16 March 2016
China: Shanshui Cement has issued a profit warning, predicting a significant loss in 2015 compared to 2014. It has blamed the impending financial result on poor market demand for cement, industry production overcapacity and management distractions with legal proceedings the company has undertaken concerning the company and its subsidiaries.
In late January 2016 Shanshui Cement defaulted on a US$270m bond. The default followed a battle for control of the company between Tianrui Cement, its biggest shareholder, and the Zhang family, its second-largest shareholder and former owners.
Philippines: Republic Cement has inaugurated its new cement grinding mill at its Norzagaray cement plant in Bulacan. The US$19m expansion will add 0.85Mt/yr of cement production capacity to the plant, according to the Philippines Star.
“This capacity expansion initiative reaffirms Republic Cement’s commitment to support our country’s growth through the provision of top quality cement and building materials,” said Renato Sunico, president of Republic Cement. The new mill will also decrease the plant’s energy consumption.
Republic Cement, formerly Lafarge Republic, is owned by a joint venture of Aboitiz Equity Ventures and CRH.
Burnpur Cement appoints cricketer Saurabh Ganguly as brand ambassador
Written by Global Cement staff
16 March 2016
India: Burnpur Cement has signed an agreement with Saurabh Ganguly as a brand ambassador for the company for three years from 11 March 2016. Ganguly was the former captain of the Indian cricket team. As the brand ambassador for the company he will endorse the product and brand of the cement producer to help increase of sales.
Johan Cnossen resigns from KHD
Written by Global Cement staff
16 March 2016
Germany: Johan Cnossen has resigned as the Chief Executive Officer and a member of the Management Board of KHD with immediate effect from 11 March 2016. He cited personal reasons. Other Management Board members will take over his responsibilities for an interim period.