Trinidad Cement (TCL) is looking to purchase the 20% share the local subsidiary of Cemex has in the company for roughly US$75m, paper the Trinidad Guardian reported.
TCL has received an official notice issued by Santander Investment SA, which has been mandated by Cemex as exclusive financial advisor in the potential sale of the stake.
The Trinidad firm is currently analyzing certain options, one of which is the buying and subsequent selling of its shares, TCL CEO Rollin Bertrand said.
Bertrand said the shares could be acquired as part of an employee share ownership program and be divested down the road.
He added one implication of purchasing the shares is that it will reduce TCL’s equity capital, but there is also the opportunity to boost its share price.