Converting Carib Cement’s debt into equity

Converting Carib Cement’s debt into equity
Published: 12 January 2010

Shareholders of Caribbean Cement Company Limited have voted on the company’s plan to convert US$$15 million debt into equity.

At an extraordinary general meeting held on January 5, shareholders considered and passed two resolutions relating to the retirement of US$15 million of debt between the company and its parent company, Trinidad Cement Limited (TCL).

A majority passed the resolution in consideration of the issue by the company of a new class of preference shares to TCL.

Caribbean Cement has also revealed that the preference shares will not be traded on the Jamaica Stock Exchange.