Cement News tagged under: China Shanshui Cement
China Shanshui Cement loses almost US$1bn in 201531 March 2016, Published under Cement NewsChina 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 bond25 January 2016, Published under Cement NewsChina 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, 202014 January 2016, Published under Cement NewsChina 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 Cement04 January 2016, Published under Cement NewsChina 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 redemption19 November 2015, Published under Cement NewsChina 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... |
Asia Cement still chasing full control of Shanshui Cement14 August 2015, Published under Cement NewsAsia Cement plans to raise convertible debt to gain full control of China Shanshui Cement. In a filing to the Taiwan Stock Exchange, the group said it hopes to raise US$400m from a zero-coupon issue, its first equity-linked deal in just over two years. This will fund its proposed takeover of Shanshui in which it owns a 20.9 per cent stake. On Wednesday Asia Cement and state-owned China National Building Material (CNBM) announced a joint conditional cash offer to purchase all the outstanding... |
Fitch puts China Shanshui Cement ratings on Negative Watch26 June 2015, Published under Cement NewsFitch Ratings has affirmed China Shanshui Cement Group Limited's (Shanshui) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings of 'B+'. The agency has also put the rating on Negative Watch to reflect the possibility of Shanshui running into insolvency in the event that it is forced to redeem the US$500m 7.5 per cent senior notes due 2020 (2020 notes) if its chairman Zhang Bin is removed or the majority of its board members is changed. This follows the announcement on 19 June... |
China Shanshui Cement new loans suspended11 June 2015, Published under Cement NewsChina Shanshui Cement Group Ltd said some banks have halted new loans and suppliers are demanding immediate repayment after a court put one of the cement maker’s main shareholders into receivership, Bloomberg reports. Some joint venture partners have also said they wanted to review their relationship with the company, Shanshui Cement said in a statement Wednesday in Hong Kong. The firm’s finances are likely to be impacted by the actions amid lawsuits against China Shanshui Investment, whic... |
China Tianrui increases stake in China Shanshui Cement07 May 2015, Published under Cement NewsChina Tianrui Group Cement last month increased its stake in China Shanshui Cement to 28.16 per cent, more than Shanshui founder Zhang Caikui. Fitch Ratings deemed the move a change of control. It also downgraded Shanshui to BB-, three levels below investment grade, citing weak cement prices. "The Chinese authorities' approach to the sector is clear - they want consolidation," said Kalai Pillay, a senior director at Fitch Ratings in Singapore. In the case of Tianrui's part acquisition of... |
Fitch downgrades Shanshui to 'BB-'; on Negative Watch20 April 2015, Published under Cement NewsFitch Ratings has downgraded China Shanshui Cement Group Ltd's Long-Term Issuer Default Rating (IDR) and senior unsecured rating to 'BB-' from 'BB'. The ratings have also been placed on Rating Watch Negative. The downgrade is driven by our view that the current weak cement price in Shanshui's core markets will persist, and affect the company's ability to improve its financial performance. The Rating Watch Negative follows a public announcement that parties related to China Tianrui Group Cem... |