Taiwan Cement Corp confirms acquisition of Chia Hsin Cement
TCC International Holdings Limited (TCCIH) has confirmed it will fully acquire Chia Hsin Cement Greater China Holding Corporation (CHCGC) by equity exchange. Based on the formula of 0.4545 new TCCIH share for each CHCGC share, the consideration will amount to HK$2.58 billion. TCCIH will issue 519.45 million new shares, constituting 40.19% of its expanded capital. The current controlling shareholder of CHCGC is Chia Hsin Cement Corporation (CHC), with a stake of 72.14% or about 825 million shares.
After the transaction, CHC will own 29% or about 375 million shares of CHCGC. The controlling shareholder of TCCIH, Taiwan Cement Corporation, will have its stake in TCCIH decreased from 73.43% to 43.91%. The acquisition will help expand TCCIH’s market share in the eastern and southern China market.
Published under Cement News
