The Mexican cement giant, through its subsidiary Sierra Trading, now has a 67.39% stake in TCL, according to a company statement.
The statement continued: “Sierra Trading, having received the Foreign Investment Licence from the Trinidad and Tobago Ministry of Finance, disclosed that all terms and conditions of the offer made pursuant to the Offer and Takeover Bid dated December 5, 2016, as amended on January 9, 2017,...have been complied with or waived and the Offer has accordingly been declared unconditional.”
Cemex said TCL shareholders deposited around 104.5 million TCL shares in response to the offer. Together with Sierra’s existing shareholding in TCL, this represents approximately 67.39% of the outstanding TCL shares.
“We are satisfied with and grateful for the trust placed in us by TCL stockholders,” said Fernando A. Gonzalez, CEO of Cemex. “We see a positive outlook for the business environment and we are committed to being a reliable cement supplier in Trinidad and Tobago, Jamaica, Barbados and the whole Caricom region.”
Payment in respect of TCL shares taken up by Sierra is expected to be made as follows:
In Trinidad and Tobago: On or before Friday, February 3, 2017 at the rate of TT$5.07 or US$0.76, depending on the currency option selected by TCL shareholders in Trinidad and Tobago.
In Jamaica: On or before February 21, 2017 at the rate of TT$5.07 or US$0.76 or the Jamaican currency equivalent of TT$5.07, depending on the currency option selected by TCL shareholders in Jamaica; and
In Barbados: On or before February 23, 2017 based on the Barbados currency equivalent of TT$5.07.
Cemex said that TCL would continue operating as usual. Additionally, TCL will be maintained as a publicly listed company on the Trinidad and Tobago Stock Exchange with the benefit of what Cemex describes as a “strong local shareholding together with the enhanced benefit of proven management and operational expertise from Cemex.”
TCL’s main operations are in Trinidad and Tobago, Jamaica and Barbados. TCL is the majority shareholder of Caribbean Cement Company Limited (CCCL), a main cement producer in Jamaica.
As of September 30, 2016, TCL and its subsidiaries had EBITDA of approximately US$77 million for the last twelve months, net debt of approximately U.S.$113 million, representing a net financial leverage of approximately 1.5x.
