Cement News tagged under: Trinidad Cement Company
Caribbean Cement pays first instalment of asset buyback02 May 2018, Published under Cement NewsJamaica’s Caribbean Cement Co Ltd (Carib Cement) has paid the first instalment of JMD1.3bn (US$10.50m) on an asset buyback agreement with its parent company, Trinidad Cement Ltd (TCL). The agreement means that Carib Cement has 90 days to pay US$118m to TCL, to reclaim ownership of Kiln 5 and Mill 5 at its facility in Rockfort, Kingston, according to The Jamaica Gleaner. "The initial payment of JMD1.3bn towards the acquisition represents a significant investment in plant and equipment, imp... |
Caribbean Cement considers exiting lease agreement26 March 2018, Published under Cement NewsCaribbean Cement could reduce its costs by approximately a third, US$10m, annually if it exits a lease agreement with its parent company, Trinidad Cement Company (TCL), according to The Gleaner. The company is projected to spend about US$25m on the 2017 operating lease for its Rockfort facility in Kingston. The plans would involve terminating that annual payment and buying back the plant, which is valued at US$118m. Caribbean Cement will make an announcement on the outcome within 90 days.... |
Caribbean Cement Co to refinance operating lease14 July 2017, Published under Cement NewsCaribbean Cement Co plans to refinance the operating lease for its Rockfort plant in Kingston, the Jamaica Gleaner reports. The company is to set up a dedicated advisory board to address its operating lease, payable to immediate parent company Trinidad Cement Ltd. "The structure of the lease is not the most efficient and might have made sense five years ago when Caribbean Cement had no possibility to finance its assets," said Caribbean Cement General Manager, Peter Donkersloot Ponce, at... |
Caribbean: TCL make takeover bid for Readymix (West Indies) Ltd31 March 2017, Published under Cement NewsTrinidad Cement Ltd (TCL), recently acquired by Mexican cement giant Cemex via its subsidiary Sierra Trading, has announced an all-cash takeover bid for Readymix (West Indies) Ltd. According to the offer circular sent to shareholders, TCL will pay TTD11 or US$1.62/share to acquire the outstanding shares that it does not already hold in Readymix. TCL currently owns 71.1 per cent of Readymix’s issued share capital or 8,531,977 shares of the company. The remaining 28.9 per cent of shares are ... |
Trinidad Cement forecasts a competitive 201707 March 2017, Published under Cement NewsTrinidad Cement Ltd (TCL) has forecast construction activity to remain sluggish during the coming year, particularly in Trinidad and Tobago and Barbados, in the face of "increasingly aggressive competition in the region". In its audited financial report for the 12 months ending December 2016, TCL, which is the subject of a takeover by the Mexican-based cement giant Cemex, said it will continue to focus on three key elements to reinforce the position of the company, including seeking out an... |
Trinidad Cement upgraded by ratings agencies03 February 2017, Published under Cement NewsRatings agencies Fitch and Standard and Poor’s have upgraded their evaluations of the credit-worthiness of Trinidad Cement Ltd (TCL), the Trinidad Express reports. Fitch moved its rating up two places, from B- to B+, while Standard and Poor’s moved the company to B grade. Fitch explained that Cemex’s decision to increase its stake in the firm to 67 per cent would have a positive impact on TCL, expanding the options available to it in both marketing and finance. Over the past five ye... |
Cemex's subsidiary announces successful takeover bid for TCL25 January 2017, Published under Cement NewsCemex SAB de CV has announced that its indirect subsidiary, Sierra Trading (Sierra), having received the Foreign Investment License from the Trinidad and Tobago Ministry of Finance, disclosed that all terms and conditions of the offer made, to acquire up to 132,616,942 ordinary shares for TT$5.07 (US$0.76) in cash per share in Trinidad Cement Ltd have been complied with. "We are satisfied with and grateful for the trust placed in us by TCL stockholders,” said Fernando A Gonzalez, CEO of C... |
Cemex targets TCL acquisition09 December 2016, Published under Cement NewsThis week Cemex launched a bid to acquire Trinidad Cement Co Ltd (TCL) via its subsidiary Sierra Trading, which would consolidate the strength of Cemex in the region, while providing investment for the Caribbean cement sector. The interest in TCL by Cemex is long held and the Mexican multinational already has 39.5 per cent of the shareholding in TCL group via Sierra Trading. Cemex now aims to acquire up to 132,616.942 ordinary shares in TCL for TTD4.50 per share, which if successful, tog... |
Changes to Arawak Cement Co's executive board, Barbados11 January 2016, Published under Cement NewsRupert Greene has resigned from his position as general manager of Arawak Cement Co Ltd (ACCL), effective 31 December 2015. ACCL, a wholly-owned subsidiary of the Trinidad Cement Ltd (TCL), is the only cement producer on Barbados with a 0.36Mta capacity at Checker Hall, St Lucy. Manuel Toro has been assigned to assume the position of general manager of ACCL, as of 1 January 2016. Mr Greene will continue with the TCL Group as a consultant for the following six-month period. |
S&P upgrades TCL, removes from CreditWatch20 August 2015, Published under Cement NewsStandard & Poor's (S&P) Ratings Services raised its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'B-' from 'CCC', and removed it from CreditWatch with positive implications. The outlook is stable. At the same time, it has assigned its 'B-' issue-level rating to the company's US$200m senior secured term loan. The rating action reflects TCL's successful debt refinancing, which took place on 6 August 2015, S&P said in a statement. The refinancing improves the company's debt ... |