Thu | Jul 27, 2017

Cemex keeping TCL stake

Published:Wednesday | April 14, 2010 | 4:00 AM

Cemex has backtracked on its plan to sell off its 20 per cent holdings in Trinidad Cement Limited, having successfully rescheduled its debts.

Sierra Trading, the vehicle used by the Mexican company for its holdings in TCL, is also looking to reclaim a seat on the TCL board, which it gave up last year after it started searching for a buyer.

Sierra's holdings in TCL amount to some 49.9 million shares, valued at TT$175 million or TT$3.51 per share.

Cemex also owns 42.187 million shares or 4.96 per cent of TCL's Jamaican subsidiary, Caribbean Cement Company Limited, through Scancem International (St Lucia) Limited.

Caribbean Cement last traded at J$6.12, valuing the Scancem holdings at J$258.2 million or TT$18.4 million.

TCL in market filings said Cemex representative Luis Miguel Cantœ Pinto is expected to take up his position as a director on TCL's board effective April 30, to be confirmed at its annual general meeting in June.

Cemex, which became swamped by debt after buying Australian rival Rinker in 2007, eventually refinanced its US$15 billion debt with bankers last August, allowing breathing room to February 2014 to pay off its loans.

business@gleanerjm.com