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
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