At the close of the offer period for the purchase of shares in Trinidad Cement Limited (TCL) by Mexican cement giant Cemex yesterday, there had been sufficient acceptances from shareholders to increase the Mexican cement giant's stake in the local company to 67.39 per cent.
In a release yesterday afternoon, Cemex said its indirect subsidiary, Sierra Trading, intends to take up all TCL shares deposited up to a maximum of 132,616,942 shares. At the 3 pm close of the offer period in T&T yesterday, shareholders had deposited approximately 104,500,000 shares.
The company said if the number of TCL shares deposited exceeds the offered shares, the shares will be taken-up by Sierra on a pro-rated basis. It said Sierra expects that TCL shares deposited by shareholders in T&T to be taken-up by January 31.
The total number of tendered shares will be announced by Sierra upon the close of the offer period in all jurisdictions. The offer remains open until February 7.
As of yesterday, the total consideration to be paid by Sierra for the TCL shares it will take up pursuant to the offer was approximately US$79-4 million but this is likely to increase once the final tally of shares deposited is determined and the offer period closes in Jamaica.
Payment in respect of the shares taken up by Sierra is expected to be made in T&T or before February 3 at the rate of TT$5.07 or US$0.76, depending on the currency option selected by shareholders.
In Jamaica, it will be on or before February 21 at rate of TT$5.07 or US$0.76 or the Jamaican currency equivalent and in Barbados by February 23 based on the Barbados currency equivalent of TT$5.07.