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Trinidad Cement Limited (Photo: Trinidad and Tobago Guardian)

Trinidad Cement moves to secure 100% shares in Readymix

Trinidad Cement Limited (Photo: Trinidad and Tobago Guardian)

Trinidad Cement Limited (TCL) on Monday, June 15, declared its intentions to own 100 per cent of shares in Readymix (West Indies) Limited.

TCL, which already owns 98.05 per cent of shares in Readymix, is offering TT$13.42 for the remaining shares owned by both individuals and corporate entities.

In a notice on the Trinidad and Tobago Stock Exchange, the company stated, “Pursuant to an order dated April 23, 2020, issued by the Trinidad and Tobago Securities and Exchange Commission, Trinidad Cement Limited (‘the Offerer’) is offering to purchase, upon the terms and subject to the conditions described in this offer (‘the Offer’), all of the ordinary shares in the capital of Readymix (West Indies) Limited (‘Ordinary Shares’) but excluding ordinary shares already held by the offeror, at the price of TT$13.42 in cash per ordinary share (‘the Offer Price’). “

The company highlighted that it will keep the offer open for a period of six months, ending December 14, 2020.

Further, shareholders who accept the offer must complete a share transfer form and submit it to the Trinidad and Tobago Central Depository. However, if the shareholder resides outside of the country, they should complete the form and have it notarised before mailing it with other documents.

TCL, however, pointed out that it holds the right to reject any form that does not comply with the guidelines for completion.