Cemex has acquired enough shares to take control of the Trinidad-based Trinidad Cement after shareholders accepted its latest offer made earlier this month.
The company said it would pay in excess of S$79 million to take control of the company, which has operations in Trinidad and Tobago, Jamaica and Barbados.
Fernando A Gonzalez, chief executive, Cemex, said: “we are satisfied with and grateful for the trust placed in us by TCL stockholders.
“We see a positive outlook for the business environment and we are committed to being a reliable cement supplier in Trinidad and Tobago, Jamaica, Barbados and the whole Caricom region.”
Cemex subsidiary, Sierra Trading had disclosed that all terms and conditions of the amended offer made on January 9, to acquire up to 132,616,942 ordinary shares for US Cemex is to consolidate Trinidad Cement and its subsidiaries the company said in a statement.