China Shanshui Cement's top shareholder to fund bond redemption
Published by Joseph Green,
Editor
World Cement,
According to a report by Reuters, China Shanshui Cement's top shareholder, the Tianrui Group, has announced that it will provide funds to the cash-strapped company to redeem a US$500 million global bond. The announcement has raised investor hopes that it may avoid defaulting on them.
China Shanshui is set the hold a general meeting on 1 December to decide on certain changes in the board of directors. The changes could trigger a contractual obligation to redeem the bonds that are otherwise due in 2020.
Tianrui Group is the biggest shareholder in China Shanshui Cement, owning 28.16% of its equity. China Tianrui's Chairman Li Liufa owns 70% of Tianrui Group.
Edited from source by Joseph Green. Source: Reuters
Read the article online at: https://www.worldcement.com/asia-pacific-rim/18112015/china-shanshui-cement-top-shareholder-bond-redemption-22/
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