Items filtered by date: Friday, 18 October 2024

Egypt: Three bondholders in precast concrete products company Consolis plan to convert their bonds into shares in a new company that will operate as sole, outright owner of Consolis. Contrerian Capital Management, Squarepoint Ops and Albakor Capital informed the Egyptian Competition Authority of their intentions on 17 October 2024.

Taiwan: Chongqing La Rui Yonggu Concrete has loaned US$2.91m to fellow Yonggu Group subsidiary Chongqing Taihong New Building Materials. Chongqing La Rui Yonggu Concrete informed the Taiwan Stock Exchange that the finances are intended to support the working capital needs of Chongqing Taihong New Building Materials.

Belarus: Alfa has raised US$152m for its construction of a new building materials production facility in Minsk. The upcoming facility will include a ready-mixed concrete plant and a reinforced concrete structures plant. AK&M News has reported that commissioning is scheduled for 2025.

US: A court in Savannah, Georgia, has sentenced Evans Concrete and four executives for conspiring to fix prices, rig bids and allocate jobs in the local ready-mix concrete business between 2010 until 2016. Foreign Affairs News has reported that Evans Concrete will pay a US$2.7m fine, while alleged co-conspirator Argos USA will pay a US$20m criminal penalty under a deferred prosecution agreement. Of the four individuals, three will serve combined prison sentences of 72 months and pay a total US$210,000 in fines and one received a year’s probation.

The Justice Department’s Antitrust Division said "The Antitrust Division and its law enforcement partners will hold accountable those who seek to exploit the critical need for these materials to harm consumers."