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China Shanshui Cement s top shareholder to fund bond redemption
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.
UAECEMENT.COM
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Nov ,23 ,2015
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