Carib Cement partially redeems shares issued to TCL

Thursday, December 27, 2018

Print this page Email A Friend!

Caribbean Cement Company Limited (CCC) has partially redeemed preference shares held by Trinidad Cement Limited (TCL) which were issued in 2010 by CCC.

The disclosure, which was published on the Jamaica Stock Exchange on Monday, noted that on December 21, 2018, CCC redeemed 3,928,603 preference shares out of the 15,000,000 total preference shares CCC had issued to TCL in 2010.

The total amount of the consideration paid by CCC to TCL for this partial redemption is of US $3,059,780 million. The cement manufacturer added that after this partial redemption, TCL will still hold an aggregate number of 48,071,397 preference shares of CCC.

TCL and CCC agreed into a Memorandum of Understanding dated March 16, 2018, and on July 6, 2018, entered into a preference share redemption agreement for an aggregate number of 52 million preference shares that are held by TCL that were issued by CCC in 2010 and 2013.

Pursuant to the redemption agreement, the aggregate amount of consideration expected to be paid by CCC to TCL from 2018 to 2026 or, if necessary, beyond 2026, is approximately US$405 million, of which US$3,059,780 will be paid on December 27, 2018.

Earlier this month, CCC and one of its subsidiaries entered into an agreement with National Commercial Bank Jamaica Limited for an unsecured revolving loan facility valued at J$3,076,000,000, which was made available in US Dollars.

The term is five years, while interest rate will be at a fixed rate of 7.45 per cent per annum.

CCC further advised that the proceeds from the loan facility were received by CCC on November 30, 2018, and will be used to pay related party debt denominated in US dollars, diversifying the sources of funds for CCC. Throughout its term, the loan will also be used for general corporate purposes, reports CCC.

Jamaica Gypsum and Quarries Limited, a subsidiary of CCC, has also entered into the loan facility as borrower .

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at




1. We welcome reader comments on the top stories of the day. Some comments may be republished on the website or in the newspaper � email addresses will not be published.

2. Please understand that comments are moderated and it is not always possible to publish all that have been submitted. We will, however, try to publish comments that are representative of all received.

3. We ask that comments are civil and free of libellous or hateful material. Also please stick to the topic under discussion.

4. Please do not write in block capitals since this makes your comment hard to read.

5. Please don't use the comments to advertise. However, our advertising department can be more than accommodating if emailed:

6. If readers wish to report offensive comments, suggest a correction or share a story then please email:

7. Lastly, read our Terms and Conditions and Privacy Policy

comments powered by Disqus



Today's Cartoon

Click image to view full size editorial cartoon