Connect with us

Economy & Market

China's Sinoma launches 500 m yuan finance JV

Published

on

Shares
The world’s largest cement equipment maker, China National Materials Co Ltd (Sinoma), together with its state-owned parent, is setting up a financing vehicle that will enable it to provide deposit-taking and loan services to other group companies. Sinoma said late on Tuesday it had agreed to establish Sinoma Finance, with a registered capital of 500 million yuan ($78 million), which will be 30 percent owned by the listed company and 70 percent by the parent. "The use of Sinoma Finance as a vehicle would allow for more efficient deployment of funds between members of the group," Sinoma said in a statement to the Hong Kong stock exchange. It added that benefits would also include greater utilisation of available funds to repay external commercial loans. In August Sinoma said it was in talks in Europe and the United States for acquisitions of 1 billion to 10 billion yuan ($154 million to $1.5 billion) each after it posted a 71 percent rise in first-half earnings. Sinoma has been enjoying booming sales amid China’s construction boom, resulting in hefty cash inflows that are helping it build a war chest for overseas acquisitions.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Concrete

CCU testbeds in Tamil Nadu

Published

on

By

Shares

Tamil Nadu is set to host one of India’s five national carbon capture and utilisation (CCU) testbeds, aimed at reducing CO2 emissions in the cement industry as part of the country’s 2070 net-zero goal, as per a news report. The facility will be based at UltraTech Cement’s Reddipalayam plant in Ariyalur, supported by IIT Madras and BITS Pilani. Backed by the Department of Science and Technology (DST), the project will pilot an oxygen-enriched kiln capable of capturing up to two tonnes of CO2 per day for conversion into concrete products. Additional testbeds are planned in Rajasthan, Odisha, and Andhra Pradesh, involving companies like JK Cement and Dalmia Cement. Union Minister Jitendra Singh confirmed that funding approvals are underway, with full implementation expected in 2025.

Image source:https://www.heavyequipmentguide.ca/

Continue Reading

Concrete

JSW Cement gears up for IPO

Published

on

By

Shares

JSW Cement has set the price range for its upcoming initial public offering(IPO) at US$1.58 to US$1.67 per share, aiming to raise approximately US$409 million. As reported in the news, around US$91 million from the proceeds will be directed towards partially financing a new integrated cement plant in Nagaur, Rajasthan. Additionally, the company plans to utilise US$59.2 million to repay or prepay existing debts. The remaining capital will be allocated for general corporate purposes.

Continue Reading

Concrete

Cement industry to gain from new infrastructure spending

Published

on

By

Shares

As per a news report, Karan Adani, ACC Chair, has said that he expects the cement industry to benefit from the an anticipated US$2.2tn in new public infrastructure spending between 2025 and 2030. In a statement he said that ACC has crossed the 100Mt/yr cement capacity milestone in April 2025, propelling the company to get closer to its ambitious 140Mt/yr target by the 2028 financial year. The company’s capacity corresponds to 15 per cent of an all-India installed capacity of 686Mt/yr.

Image source:https://cementplantsupplier.com/cement-manufacturing/emerging-trends-in-cement-manufacturing-technology/

Continue Reading

Trending News

SUBSCRIBE TO THE NEWSLETTER

 

Don't miss out on valuable insights and opportunities to connect with like minded professionals.

 


    This will close in 0 seconds

    This will close in 0 seconds