Cemex, S.A.B. de C.V. announced that its indirect subsidiary, Sierra Trading, will present a change and variation notice to the Dec. 5 offer and take-over bid for Trinidad Cement Ltd. (TCL). The company is increasing the offer price from TT$4.50 ($0.67) to TT$5.07 ($0.75) per TCL share in its aim to raise its stake in the Caribbean company from 39.5 percent to 74.9 percent.

Sierra will also offer TCL shareholders, except those in Barbados, the option to be paid for their shares in Trinidad and Tobago dollars or in U.S. dollars. Full acceptance of the revised offer would result in a cash payment by Sierra of approximately TT$672 million ($101 million). The revised offer price represents a premium of 50 percent over the Dec. 1 closing price of TCL’s shares in the Trinidad and Tobago Stock Exchange.

Among other conditions, the offer will be conditional on Sierra acquiring at least an amount of TCL shares that would allow Cemex, for financial reporting purposes, to consolidate TCL. Unless extended, the offer period is expected to close on Jan. 24 at 3.00 p.m. Trinidad and Tobago time. All other terms and conditions of the Dec. 5 offer not modified by the amended offer remain unchanged.

If the offer is successful, TCL will continue operating as usual. Additionally, TCL will be maintained as a publicly listed company on the Trinidad and Tobago Stock Exchange with the benefit of a strong local shareholding together with the enhanced benefit of proven management and operational expertise from Cemex, noted the company.

TCL’s main operations are in Trinidad and Tobago, Jamaica and Barbados. TCL is the majority shareholder of Caribbean Cement Co. Ltd., a main cement producer in Jamaica.

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