Trinidad Ce­ment Ltd has start­ed the process to ful­ly own its sub­sidiary TCL Pon­sa Man­u­fac­tur­ing Ltd (TPM).

Ac­cord­ing to a no­tice pub­lished by the T&T Stock Ex­change yes­ter­day TCL en­tered in­to a Share Pur­chase agree­ment with In­dus­trias Pon­sa, SA on Wednes­day for its 35 per cent stake in TPM.

That 35 per cent stake equates to 349,999 or­di­nary shares in TPM.

TCL was the ma­jor­i­ty share­hold in TPM.

“TCL present­ly holds 649,999 of the is­sued share cap­i­tal of TPM and pur­suant to the SPA, TPM shall be­come a ful­ly owned sub­sidiary of the com­pa­ny,” the no­tice stat­ed.

TPM was in­cor­po­rat­ed in T&T in 1995.

“Its pri­ma­ry ac­tiv­i­ty is the man­u­fac­ture and sale of sin­gle use slings. It is al­so in­volved in the sale of jum­bo bags, reusable slings, safe­ty har­ness­es and polypropy­lene sacks, as well as web­bing for use in the fur­ni­ture in­dus­try,” TCL’s an­nu­al re­port stat­ed.

TPM’s reg­is­tered of­fices are lo­cat­ed at Pa­cif­ic Av­enue, at the Point Lisas In­dus­tri­al Es­tate.

Ac­cord­ing to its lat­est an­nu­al re­port Arun Goy­al who joined the TCL board in 2015 al­so served as TPM chair­man.

In­dus­trias Pon­sa SA, is a fam­i­ly owned Span­ish multi­na­tion­al found­ed in 1828.