Asia Cement adding CB to funding mix

Taiwanese cement producer set to raise equity-linked debt to help fund takeover of China Shanshui Cement following boardroom battle.

Taiwan-listed Asia Cement has announced plans to raise convertible debt as it seeks to gain full control of China Shanshui Cement following a boardroom tussle.

In a filing to the Taiwan Stock Exchange, the group said it hopes to raise $400 million from a zero-coupon issue, its first equity-linked deal in just over two years.

Proceeds should help fund its proposed takeover of Shanshui in which it already owns a 20.9% stake. On Wednesday, Asia Cement and state-owned China National Building Material CNBM announced a joint conditional cash offer to purchase all the outstanding shares in the Hong Kong-listed cement maker they do not currently own.

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