THE initial period offered for the Trinidad Cement Limited (TCL) to agree to sell its assets to CEMEX Ltd through one of its indirect subsidiaries, Sierra Trading, has been extended to January 24.
The initial period was January 10 with an offer by CEMEX of $4.50 per share. CEMEX subsequently raised its offer to $5.07 per share on December 9, 2016. This after TCL said if shares were bought at the initial price offered, the company would have been devalued.
The latest information regarding the possible buy-over was confirmed by TCL officials yesterday.
TCL's main operations are in Trinidad and Tobago, Jamaica and Barbados. TCL, which is privately owned, is the majority shareholder of Caribbean Cement Company Limited (“CCCL”), the main cement producer in Jamaica.
CEMEX is a global building materials Mexican multinational company that provides products and services to customers in more than 50 countries.
It is not the first time that CEMEX has made an attempt to buy over TCL with the Oilfields Workers' Trade Union (OWTU) strongly opposing the sale.