Cement News tagged under: China Shanshui Cement Group Ltd
Fitch: Shanshui's rating unaffected by plan to buy back USD bonds11 January 2016, Published under Cement NewsFitch Ratings says that China Shanshui Cement Group Ltd's announcement that it intends to offer to repurchase its US$500m 7.5 per cent senior notes due 2020 (2020 notes) does not affect the company's rating. This is because the company remains in default on its onshore debt, which triggered a cross-default on its offshore notes. Shanshui's Issuer Default Rating will be reviewed once Shanshui has redeemed or restructured all its debt currently in default. Fitch will withdraw Shanshui's iss... |
Shanshui Cement says change of Shandong subsidiary's board was legal11 December 2015, Published under Cement NewsShanshui Cement on Thursday night issued a statement saying that its change of the board and management of its subsidiary, Shandong Shanshui Cement Group, was "legally valid and [does] not violate the relevant laws and regulation of the PRC", based on legal advice from its Chinese lawyers. The statement was in response to allegations made by the Shandong subsidiary, which issued a statement on 4 December that Shanshui Cement's removal of management and directors from Shandong Shanshui was... |
Two China Shanshui Cement shareholders make deposit for proposed acquisition19 October 2015, Published under Cement NewsTwo shareholders of China Shanshui Cement Group Ltd have made a deposit for their proposed acquisition, Bloomberg reports. China National Building Material Co. and Taiwan’s Asia Cement Corp, which combined hold 37.6 per cent in Shanshui, each put in US$700m at Hong Kong’s Securities and Futures Commission on 11 August as cash confirmation for the general offer, Doris Wu, chief financial officer of Asia Cement told Bloomberg. The two companies reiterated on 9 October that they’re still consi... |
Fitch Downgrades Shanshui to 'B-'; Outlook Negative02 September 2015, Published under Cement NewsFitch Ratings has downgraded China Shanshui Cement Group Ltd's (Shanshui) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings to 'B-' from 'B+'. The agency has also removed the company from Rating Watch Negative and assigned it a Negative Outlook. The Recovery Rating on the senior unsecured ratings remains at 'RR4'. The rating downgrade reflects the continued weak business environment and Shanshui's reliance on short-term financing, which could pressure liquidity. The Negativ... |
China Shanshui shareholders mull takeover bid22 July 2015, Published under Cement NewsChina Shanshui Cement Group Ltd said two of its largest shareholders are considering a takeover bid, Bloomberg reports. Asia Cement Corp of Taiwan and China National Building Material Co, which together own about 38 per cent of Shanshui Cement, are considering a general cash offer to acquire the shares they don’t already control, the companies said in a statement to Hong Kong’s exchange Tuesday. The proposal by Asia Cement and China National Building Material escalates the fight for contr... |
China Shanshui Cement 1H hit by lower prices25 August 2014, Published under Cement NewsChina Shanshui Cement Group Ltd announced its unaudited interim results for the six months ended 30 June 2014 which saw softer demand and lower average selling prices dent profitability. During the reporting period, the Group's revenue reached CNY7349m (US$1.19bn) while gross profit was CNY1534m. Profit attributable to equity shareholders amounted to CNY168m with basic earnings per share reaching CNY0.06. During the period under review, cement sales rose six per cent YoY to 24.36Mt and sh... |
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