Cemex to acquire 35% stake in Trinidad Cement
Published by Katherine Guenioui,
Editor
World Cement,
Trinidad Cement Limited (TCL) has advised shareholders that Cemex subsidiary Sierra Trading has signed a subscriptions agreement, raising its stake in the company to at least 35%, with the option to add a further 5%. Sierra Trading has agreed to commit additional capital of up to US$45 million in order to ensure that TCL meets a capitalisation target amount of at least US$50 million.
Earlier, TCL announced a Rights Issue that changed the subscriptions allowance, which previously limited shareholders to a 20% stake in the company. Sierra Trading has agreed to a maximum stake of 40%. If the company fails to reach its 35% ownership target at the close of the offer, a private placement of TCL shares will be issued to achieve a 35% shareholding.
Edited from various sources by Katherine Guenioui
Sources:
Read the article online at: https://www.worldcement.com/the-americas/13022015/cemex-to-acquire-35-percent-stake-in-trinidad-cement-335/
You might also like
Cemex to divest its operations in the Philippines
Cemex has announced that its subsidiary, Cemex Asia B.V., has signed an agreement with DACON Corporation, DMCI Holdings, Inc. and Semirara Mining & Power Corporation for the sale of its operations and assets in the Philippines.
