Anhui Conch seeks more loans

Anhui Conch seeks more loans
Published: 27 October 2005

 Anhui Conch Cement Co Ltd, China’s largest cement  producer, is seeking a three-year loan of 350 mln yuan (approx US$44m) to help fund a  heat-conversion project that could help it save up to 500 mln yuan per year,  The Standard reported, citing banking sources.  The Hong Kong-based newspaper said the loan, which is being arranged by  BNP Paribas, is the company’s second fund-raising exercise in a month.   It secured a 10-year loan of 650 mln yuan from International Finance Corp  two weeks ago.  Anhui Conch is likely to obtain a rate 10 basis points below the best  lending rate set by the People’s Bank of China, the paper said.  The company plans to use the loan to help buy imported waste heat boilersfor 10 of its local cement plants.