Shanshui Cement bonds jump
Published by Joseph Green,
Editor
World Cement,
China Shanshui Cement Group’s bonds rose after the company announced that it has taken over the headquarters of its main operating unit following a management dispute, according to a report by Bloomberg.
The manufacturer has taken over the premises of the unit Shandong Shanshui Cement Group with the assistance of local police in the northern city of Jinan. Its US$500 million of 7.5% notes due in 2020 rose 3.4 cents on the dollar to 71.9 cents.
The firm, which defaulted on onshore debt last year, announced plans in January to repay the 2020 securities. Concern had risen as new management backed by shareholder Tianrui Group struggled to take over the unit following a shareholder vote.
Edited from source by Joseph Green. Source: Bloomberg
Read the article online at: https://www.worldcement.com/the-americas/01022016/shanshui-cement-bonds-jump-423/
You might also like
The World Cement Podcast - Mannok's decarbonisation mission
In this episode of the World Cement Podcast, Paul Monaghan, Head of Sustainability at Mannok, joins Senior Editor, David Bizley, to explore Mannok’s acquisition by Çimsa, the company’s approach to sustainability and decarbonisation, and the unique challenges and opportunities posed by operating on the island of Ireland
Tune in to the World Cement Podcast on your favourite podcast app today.
