Lafarge joint-venture wraps up sale of offshore bonds, China

Lafarge joint-venture wraps up sale of offshore bonds, China
Published: 16 November 2011

Lafarge Shui On Cement Ltd, a joint venture between Lafarge and SOCAM Development Limited, said on Tuesday it has wrapped up sales of CNY1.5bn (US$237m) of offshore CNY bonds.

The yuan-denominated notes, which were issued in Hong Kong on Nov 9, have instantly attracted investors from Hong Kong, Chinese mainland and other parts of Asia, according to a statement of the company.

"I believe that this operation will further strengthen our financial structure," said Sang Kang, Chief Executive Officer of Lafarge Shui On Cement.

Citigroup, HSBC, Mitsubishi UFJ Securities International plc and Standard Chartered were the joint bookrunners of the bonds.

The joint venture, which was formed in 2005, is 55 per cent owned by Lafarge and 45 per cent owned by SOCAM.