Kazakhstan: Steppe Cement refinances US$15m loans

Steppe Cement has announced that it has refinanced two loans worth a combined US$15.3m, StockMarketWire reports.

A loan of US$5.5m due this month has split into three tranches, the last of which now falls due in November 2018. A US$9.8m loan contracted in 2014 will now be repaid in equal monthly instalments until November 2021.

"The refinancing exercise allows Steppe Cement to spread the repayment of principals over the coming years and paves the way to pay dividends consistently once the cement market demand recovers.

"The Company is thankful to VTB for the support given over the last few years and welcomes Halyk Bank to finance its long-term financing requirements", said Steppe in a statement.