Displaying items by tag: Trinidad Cement

Jamaica: Peter Donkersloot Ponce has been appointed as the general manager of Caribbean Cement Company with effect from 7 November 2016. He replaces Alejandro Varés Leal who was originally appointed in May 2015 subject to an agreement between Caribbean Cement’s owner Trinidad Cement and Cemex. However, Varés Leal has taken up a promotion with Cemex. In accordance with the Agreement, Ponce was proposed by Cemex to replace Varés Leal.

Caribbean: Caribbean Cement's parent company Trinidad Cement Limited (TCL) has appointed Luis Ali has as Group Finance Manager, effective from 4 January 2016.

Trinidad & Tobago: Cemex has struck a deal with the board of Trinidad Cement Limited (TCL) that will allow Cemex to increase its stake in TCL to at least 35%, with the option to add another 5%.

Cemex SAB de CV currently owns 20% of TCL, the maximum that was allowable per shareholder, through Sierra Trading. It has committed not to seek a stake higher than 40% of TCL under an accompanying deal to an upcoming rights issue. The deal, referred to as a Subscription Agreement, was signed by Sierra and TCL on the same day that TCL's shareholders voted to remove the cap on ownership of TCL shares.

Sierra will take up its full allowable allotment under the rights offer that gives shareholders the option to acquire one additional share for every two held. Some 124,882,568 shares will be available for subscription. If Sierra fails to reach its 35% ownership target at the close of the offer, "Then subject to receiving all required approvals, including shareholder approval, a private placement of TCL shares will be issued in favour of Sierra Trading in an amount that will permit Sierra Trading to achieve a shareholding of 35% of TCL's outstanding shares," said a Trinidad Cement spokesperson. The TCL board, under the leadership of chairman and shareholder Wilfred Espinet, also signed off on an 'exclusive' plan for Sierra to buy up the TCL shares that are not taken up during the rights offer, but under terms where Sierra's stake does not exceed 40% of the publicly traded company.

The ownership structure of TCL is undergoing changes that, according to the board, will facilitate a new debt-restructuring plan under negotiation with creditors. The loan agreements of 2012 that lengthened the maturity profile of the debt by six years were placed on hold by the current board while it negotiated a new deal. Consequently, TCL's US$315m of long-term debt was reclassified as short-term obligations.

Trinidad & Tobago: The manager of Trinidad Cement Limited's Employees Credit Union, Darren Singh has been denied bail after he appeared before a Port-of-Spain Magistrate charged with fraudulently transferring US$50m from the credit union's Unit Trust Corporation account to a Republic Bank account.

It is alleged that Singh, with intent to defraud, caused the transfer of US$50m from the credit union UTC's account to a Republic Bank account at Tropical Plaza, Pointe-a-Pierre in the name of TCL Credit Union on 18 January 2013, using a forged UTC wire transfer.

Prosecutor Callister Charles objected to bail being granted on the basis of the nature and seriousness of the offence, as well as allegations that threats had been made to witnesses in the case. Singh's attorney Candice Lopez countered that her client was a married man with five children and was the sole breadwinner of the family. She also said that Singh was the manager of the TCL Credit Union, had no previous convictions and was prepared to abide by any condition laid down by the court.

Barbados: Some 18 major shareholders of Trinidad Cement Limited's (TCL) Arawak cement plant are manoeuvring to force out the current board of directors and install its own directors.

The shareholders pushing to get rid of the board include Republic Bank Limited, the Trinidad National Insurance Board, Trinidad and Tobago Unit Trust and a Barbados' Bourne Investment Inc. Holding 54.7% of the shares of TCL, the aggrieved shareholders are not happy with the way TCL has been managed in recent years.

The Caribbean's only cement producer has faced deep financial problems, despite the favourable competitive position it holds in most Caribbean Community Secretariat (CARICOM) countries. In Barbados the Arawak cement plant is the sole cement provider. TCL also operates Caribbean Cement Ltd in Jamaica, while its biggest operation is in Trinidad and Tobago.

The board members that the upset shareholders want removed include TCL's CEO Rollin Bertrand, who once ran the Arawak Plant, Leonard Nurse, Andy Bhajan, Bevon Francis and Brian Young. In addition to seeking a compulsory meeting of the shareholders of TCL to remove the board forthwith, the group provided their own list of directors to immediately take control of TCL until the close of the first annual meeting following their election.

Colombia / Trinidad & Tobago: Trinidad & Tobago's Trinidad Cement Limited (TCL) has entered the Colombian cement market. The company has imported the first shipment containing cement to be processed at its Barrancabermeja facility in Santander. The shipment contains 300t of Type G oil well cement.

In total, TCL has spent US$320,000 on its facility in Barrancabermeja, and it plans a similar project in Llanos Orientales for the second half of 2014.

Trinidad: Trinidad Cement (TCL) is planning to increase its share of the oil well cement market, according to its chairman Satnarine Bachew. The Caribbean cement producer has been producing well specification cement for over 15 years for the local market but it has now decided to sell the product more widely.

Bachew said that Halliburton has been TCL's main customer, testing the product to a depth of 5000m. TCL intends to follow current demand and build its presence in Central America.

Trinidad: An appeal by Trinidad Cement to challenge an injunction by minority shareholders to block its annual general meeting has been postponed, according to Radio Jamaica News. The hearing was originally scheduled for Monday 30 September 2013.

Trinidad Cement 's annual general meeting on 12 July 2013 was stopped by a high court injunction with just one hour's notice. The injunction was part of legal action by a group of shareholders holding 5.68% of the company who want to nominate five directors to the cement producer's board.

Trinidad & Tobago: For the first quarter of 2013, Trinidad Cement (TCL) recorded earnings before interest, tax, depreciation and amortisation (EBITDA) of US$17.8m. The result represented a significant improvement over TCL's results for the same period of 2012. The first quarter 2013 EBITDA represents 74% of its EBITDA for the whole of 2012.

Revenue for the quarter increased by US$18.3m compared with the same period of 2012 as a result of higher cement sales volumes. Volumes increased by 52% in Trinidad & Tobago, by 7% in Jamaica and by 29% in export markets. It was helped by higher selling prices in most markets.

TCL said that, as a result of the significant expenditure made in the latter part of 2012, plant performance has been more reliable and efficient, with clinker production exceeding prior year by 32%. Part of this is due to a prolonged TCL strike in 2012. Cement production was up by 21% year-on-year.

As a consequence of the above factors, TCL has reported a net profit after tax for the first quarter of 2013 of US$$2.22m compared with a net loss of US$11.7m in the same quarter of 2012.

Looking ahead the company says that the Trinidad & Tobago market has recorded very strong demand and it is anticipated that this will continue. While it saw a declining demand trend in Jamaica and Barbados, it is hoped that growth will return to these markets following elections in Barbados and the conclusion of an IMF agreement in Jamaica. In addition, TCL said that the growth being experienced in Guyana and Suriname and the initiatives by the group in the pursuit of additional export markets, plant efficiency and cost containment, are likely to contribute to the continuation of its good results for the coming months.

Trinidad: Trinidad Cement, a subsidiary of TCL Group, has appointed Alejando Alberto Ramirez as a director. The appointment was effective from 12 October 2012. Ramirez succeeds Luis Miguel Cantu Pinto who retired from the board of directors on 5 October 2012. Ramirez was elected on 12 October 2012 at TCL's annual meeting to fill the vacancy.