Sierra Trading, a subsidiary of Cemex, has increased its shareholding in Trinidad Cement Ltd (TCL) to 69.83%, following the close of its takeover bid. Sierra made its initial bid in early December 2016, followed by an increased bid in January 2017.
Following the close of the offer, Sierra has acquired an additional 113 629 723 shares in TCL to add to its existing shareholding. Before the takeover bid, the Cemex subsidiary owned 39.5% of TCL.
This brings the total number of TCL shares owned by the Sierra to 261 623 911. The company paid US$86.36 million for the additional stake in the Caribbean cement maker.
TCL’s main operations are located in Trinidad and Tobago, Jamaica, and Barbados. The company is also a majority shareholder of Caribbean Cement Co., the largest cement producer in Jamaica.
Read the article online at: https://www.worldcement.com/the-americas/27042017/tcl-confirms-change-in-majority-ownership/