Trinidad Cement Ltd (TCL) has acquired more than 90% of the shares in Readymix (West Indies) Ltd, after launching a takeover bid in late March. This brings the company’s total stake in Readymix to about 97.23%.
Under Trinidadian takeover law, TCL will now issue a notice to the remaining shareholders, informing them of its intent to compulsorily acquire the remaining shares if Readymix.
Readymix supplies pre-mixed concrete and related products and services. The company also owns an aggregate plant, supplying double-washed aggregate. TCL is majority-owned by Sierra Trading, a subsidiary of CEMEX.