Cement News tagged under: China Shanshui Cement

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Asia Cement still chasing full control of Shanshui Cement

14 August 2015, Published under Cement News

Asia 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 Watch

26 June 2015, Published under Cement News

Fitch 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 suspended

11 June 2015, Published under Cement News

China 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 Cement

07 May 2015, Published under Cement News

China 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 Watch

20 April 2015, Published under Cement News

Fitch 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...

China Shanshui Cement 2014 revenue reaches CNY15,596m

31 March 2015, Published under Cement News

China Shanshui Cement Group Ltd, the largest cement enterprise in the Shandong and Liaoning Provinces of China, recorded sales revenue of CNY15,596m (US$2516m) for the 12 months ended 31 December 2014. Gross profit during the year was CNY3347m while profit from operations was CNY1813m. Profit attributable to shareholders was CNY348m. The decrease in profit was mainly due to the fall of selling prices. Zhang Bin, chairman and general manager of Shanshui Cement, said: "Due to the slowdown...

China Shanshui seeks to refinance debt and trim 2014 capex

28 March 2014, Published under Cement News

China Shanshui Cement is seeking to refinance debt and cut capital expenditure by half this year after earnings fell for a second year, according to CreditSights Inc. The cement maker, which had CNY6.9bn (US$1.1bn) of short-term debt including loans and corporate bonds at the end of last year, plans to use proceeds from a newly issued domestic medium-term note to repay CNY900m due today. Management is still considering how to refinance a CNY1.5bn bond which matures in July. Shanshui Ce...

Credit Suisse acquires shares in China Shanshui

08 January 2014, Published under Cement News

Credit Suisse Group AG acquired 10.47m shares in China Shanshui Cement Group Ltd for a total of HK$34.93m on 31 December 2013, according to the Hong Kong Stock Exchange. Since the purchase, Credit Suisse holds 141.13m shares (a 5.01 per cent stake) in Shanshui Cement. The Shandong Province-based company is engaged in limestone mining and the manufacture of cement and cement clinker.

HSBC cuts target price for China Shanshui Cement

26 September 2013, Published under Cement News

HSBC Research cut its target price for China Shanshui Cement to HK$3 from HK$4.2, and downgraded the stock from "overweight" to "underweight". The research house thinks expectations for better pricing in 2H (during the peak season)  will disappoint given Shanshui's geographical exposure. Furthermore, HSBC forecast earnings to remain depressed in FY2014 due to persistently high tax expenses resulting from Shanshui's use of high-yield corporate bonds for offshore financing, as well as i...

China Shanshui Cement 1H hit by lower prices

27 August 2013, Published under Cement News

China Shanshui Cement recorded a YoY drop in net profit attributable to shareholders in the first six month of 2013, as the group faced pricing pressures in key operating regions. Net profit attributable to equity shareholders for the six months ended 30 June 2013 dropped 52.2 per cent YoY to CNY348m. The basic and diluted earnings per share were CNY12 cents. Revenue was CNY7.07bn, a decrease of 4.2 per cent from a year earlier. Gross profit margin dropped to 22.7 per cent from 24.9 per ce...