Shansui fight escalates
Published by Joseph Green,
Editor
World Cement,
According to a report by Bloomberg, the contest for China Shanshui Cement Group Ltd. has escalated further as the company’s new management is seeking to take control of its main operating unit. The deposed executives from the shareholder scrap have refused to relinquish the unit.
Liu Yiu Keung, executive director at China Shanshui, announced on 21 December that Shandong Shanshui Cement Group Ltd. is being taken over. According to Henry Li however, who still identifies himself as chief financial officer of Shandong Shanshui, the move is illegal and will hurt the company and its creditors. China Shanshui has already taken over most of the company’s other units.
China Shanshui defaulted on US$309 million of bonds in November after the shareholder fight obstructed financing, triggering early repayment of US$500 million of 2020 notes.
Edited from source by Joseph Green. Source: Bloomberg
Read the article online at: https://www.worldcement.com/asia-pacific-rim/21122015/shansui-fight-escalates-220/
You might also like
World Cement Podcast
In the latest episode of the World Cement Podcast, Senior Editor David Bizley is joined by Dr Andrew Minson of the GCCA to discuss the ins and outs of the recently launched Low Carbon Ratings (LCR) system.
Molins announce first quarter results
Net profit reached €48 million, equivalent to earnings per share of 0.73 euros, 6% lower than the same period of the previous year.
