Cement News tagged under: China Shanshui Cement

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China Shanshui Cement says some properties of unit "illegally occupied" by Jingtian

10 April 2017, Published under Cement News

China Shanshui Cement today informed its shareholders that some properties of its Shandong Shanshui Cement Group unit were "illegally occupied" by Mi Jingtian, the former deputy general manager of Shandong Shanshui and his associates. The company said that on 8 April the directors of the company entered and tried to repossess the properties of Shandong Shanshui in Jinan city. It said the directors were held against their will by an unidentified crowd "commanded and organised by Mi Jingtian...

China: Shanshui Cement defaults on bond

28 February 2017, Published under Cement News

Shandong Shanshui Cement Group has defaulted on a CNY1bn (US$145m) bond, according to China Merchants Bank. With a huge amount of debt due in 2017, China is facing rising default risks as growth moderates and Beijing switches to a tighter monetary policy. Shanshui hasn't been able to raise enough money to fully repay the three-year debt, which was due 27 February, the underwriter said in a statement. Shanshui has already defaulted several times since 2015 due to liquidity strains, rest...

China: Shandong Shanshui returns to profitability

16 December 2016, Published under Cement News

Shandong Shanshui Cement has managed to turn its losses into profit following a year of defaulting on debts after a battle for control of the company. Deputy Chairman, Mi Jingtian, said that solutions to the CNY4.6bn (US$661.1m) of defaulted debt are now in place and the company has paid in full all outstanding interest. It has since regained a “normal working relationship” with commercial banks. A disclosure issued on 5 December stated that the company has settled a dispute with China Me...

China: Shanshui Cement to raise HK$456m from placing

07 October 2016, Published under Cement News

Shanshui Cement announced that it has entered into a placement agreement, proposing the placing of 910-950m new shares at a price not less than HK$0.5/share. This placing price represents a 92.1 per cent discount when compared to its closing price of HK$6.29 (US$0.81). The placing shares represent 21.2-21.9 per cent of the enlarged issued share capital of the group. Estimated net proceeds stand at HK$436.85-456.25m (US$56.3-58.8m), which will be applied to settle the group’s outstanding d...

China Shanshui’s Liaocheng unit ‘illegally occupied’

16 June 2016, Published under Cement News

In a fresh twist in the ongoing troubles of China Shanshui Cement Group, the company has announced that a unit of its subsidiary, Liaocheng Shanshui Cement, has been ‘illegally occupied’ by 200 unidentified people, Bloomberg reports. According to a statement to the Hong Kong stock exchange, the firm claims that the occupation was carried out on the orders of former chairman Zhang Bin and founder Zhang Caikui. China Shanshui has been struggling to assert its control over Shandong Shansh...

China Shanshui Cement loses almost US$1bn in 2015

31 March 2016, Published under Cement News

China Shanshui Cement Group has declared a full-year net loss of US$988m for 2015 following a troubled year for the company that included the replacement of its entire board in December. The losses stem in part from a US$360m write-down of goodwill assets due to "forecasted less satisfactory results of operations of group companies in the foreseeable future and over-payment in the acquisitions of certain cement plants in the past", Dow Jones reports. Administrative expenses during the ...

China Shanshui Cement defaults on CNY1.8bn bond

25 January 2016, Published under Cement News

China Shanshui has defaulted on a CNY1.8bn three-year bond carrying an annual interest rate of 5.4 per cent that matured on Thursday, the South China Morning Post reports. The development has pushed China Shanshui, closer to bankruptcy, as its earlier debt default triggered multiple lawsuits from creditors that have already seen some of its assets frozen or put into impending auctioning. "The underlying cause of Shandong Shanshui's debt problems is unresolved disputes over shareholders' co...

China Shanshui to buy back two outstanding senior notes due 2016, 2020

14 January 2016, Published under Cement News

China Shanshui Cement Group Ltd  said Thursday it offered to buy back the outstanding amount of two senior notes valued at US$528.9m from investors. The Hong Kong-listed cement maker said it plans to buy back outstanding notes due 2016 and 2020 at 101 per cent of the principal amount plus accrued and unpaid interest in cash. The 2016 and 2020 notes have an outstanding amount of US$28.9m and US$500m, respectively, it said. The early redemption comes amid a power struggle after Tianrui Grou...

China Shanshui Cement regains control of Shandong Shanshui Cement

04 January 2016, Published under Cement News

China Shanshui Cement Group Ltd said Monday it has regained control of Shandong Shanshui Cement Group Co, but three former directors of Shandong Shanshui and a group of people continue to 'illegally occupy' the unit's head office and five factories. China Shanshui did not specify why Zhang Caikui, Zhang Bin and Huang Kehua have occupied the premises of Shandong Shanshui but said they have illegally retained important company documents. (Source: Dow Jones News Wires)

China Shanshui Cement top shareholder to fund bond redemption

19 November 2015, Published under Cement News

China Shanshui Cement's top shareholder, Tianrui Group, said it will provide funds to the cash-strapped firm to redeem a US$500m global bond, Reuters reports. "Tianrui Group shall cause Shanshui Cement to have sufficient funds in order to support the redemption of such 2020 Notes as required," China Tianrui Group said in a notice to the Hong Kong Stock Exchange late on Tuesday. China Shanshui is holding an extraordinary general meeting on 1 December to decide on certain changes in the...