Cement News tagged under: Trinidad Cement Company
S&P's downgrades Trinidad Cement Ltd06 October 2014, Published under Cement NewsStandard & Poor's Ratings Services lowered its corporate credit rating on Trinidad Cement Ltd Group (TCL) to 'D' from 'B'. The downgrade reflects TCL's missed debt service payments due 30 September 2014. Such maturities are not subject to a grace period and we do not expect payment within five business days, which Standard & Poor's considers an event of default as per its criteria. In addition, the downgrade reflects TCL's 29 September 2014, notice to stakeholders, in which the company... |
TCL places hold on all debt payments02 October 2014, Published under Cement NewsFollowing a financial assessment of Trinidad Cement Ltd (TCL) by PricewaterhouseCoopers (PwC), the Caribbean-based cement producer has decided to place a hold on all payments due under the existing restructured loan agreements and has proposed a “standstill.” The decision to propose a standstill came after TCL met with its lenders on Monday to update them on the present state of the company. “Subsequent to the meeting, the board of directors took a decision to place a hold on all paym... |
TCL shareholders axe old board22 August 2014, Published under Cement NewsSix directors have resigned from the board of Trinidad Cement Ltd (TCL) in a meeting held in Port-of-Spain on Tuesday following a dramatic compulsory meeting of shareholders fed up with the dire financial performance of the indebted Caribbean cement producer. Businessman Wilfred Espinet was elected Chairman of the new TCL board, along with retired public servant Alison Lewis, Jamaican business executive Chris Dehring, Port-of-Spain attorney Glenn Hamel-Smith, UTC executive Nigel Edwards an... |
Trinidad Cement Ltd increases prices02 July 2014, Published under Cement NewsTrinidad Cement Ltd (TCL) has increased its prices as of 1 July 2014 to help counter increases in production costs. The company stated: “TCL Premium Plus, which accounts for 95 per cent of local market share, will be adjusted by nine per cent, which is equal to a five cent increase per pound from US$.53 to $.58 VAT inclusive. Ordinary Portland Cement (OPC), which is used by approximately five per cent of the market, will move by 15 per cent.” TCL added: “These price movements have resul... |
Trinidad Cement shelves bond offering23 May 2014, Published under Cement NewsTrinidad Cement dual-currency offering of speculative-grade notes has been postponed to await more favorable market conditions, according to a company statement. The deal was intended to target refinancing efforts and support general corporate purposes, and terms on an oversubscribed order book were not consistent with the company’s development strategies. A $300 million tranche of seven-year (non-call four) secured notes was talked in the 9.5 per cent area, and the same went for a $25 m... |
TCL sees strong rise in 2013 earnings04 March 2014, Published under Cement NewsFor the year 2013, Trinidad Cement Ltd Group recorded a notable improvement in its financial performance with EBITDA increasing by TTD268.9m, or 174 per cent, to TTD423.4m (US$66.3m). This reflects a margin of 21.8 per cent compared with the previous year margin of 9.6 per cent, the company’s results stated. Domestic cement sales volumes increased by 13 per cent, largely driven by advances in Trinidad and Jamaica, while exports rose 22 per cent and clinker output was up by 15 per cent. T... |
TCL grants contractors waiver on cement hike28 January 2013, Published under Cement NewsTrinidad Cement Ltd (TCL) has granted a 90-day waiver to members of the T&T Contractors' Association (TTCA) on its cement price increase announced at the start of this year, according to local press reports. On 9 January 2013, TCL announced a 9.5 per cent price increaseon ex-factory prices. According to a report in the Guardian Media, TTCA then submitted a proposal to TCL for a temporary waiver on the price hike which has been agreed. Mervyn Chin, TTCA president, said the 90-day waive... |
Government to lobby Caricom for reduction in import duties16 January 2013, Published under Cement NewsThe government of Trinidad and Tobago says it plans to lobby the Caribbean Community (CARICOM) grouping for a reduction in import duties following Trinidad Cement Ltd’s (TCL) recently-announced 9.5 per cent price hike. Trade Minister Vasant Bharath, has held talks with the company on whether the hike was based on increased costs of inputs, or due to inefficiencies. In news reports by local media, Bharat said that TCL’s costs include an annual energy cost of US$12m for natural gas, a debt o... |
Caribbean: cement price increase 'difficult to accept'10 January 2013, Published under Cement NewsThe 9.5 per cent cement price hike announced at the start of this year by Trinidad Cement Ltd, will be 'difficult to accept,' according to the former president of the Contractors Association of Trinidad and Tobago. Following the hike, a 42.5kg bag of cement now cost approximately TTD55 (US$8.60). “Anytime cement prices goes up, it is difficult to accept. When you are talking about a 9.5 per cent it makes it even worse. You would have had people with ongoing contracts and they would be n... |
Trinidad: CCJ dismisses TCL claim15 November 2012, Published under Cement NewsThe Caribbean Court of Justice (CCJ) has dismissed a claim by Trinidad Cement Limited (TCL) against the Caricom Competition Commission accusing them of acting wrongly and giving them 21 days to pay court costs. TCL claimed that the Commission acted wrongly in two main regards: specifically, they said the Commission had not requested its approval to conduct an investigation into TCL's business activities and that the Commission had failed to respect the rights of TCL as an 'interested party'... |