By Saurabh Chaturvedi
Controlling shareholders of TCC International Holdings Ltd. (>> TCC International Holdings Limited) plan to take the Hong Kong-listed cement products manufacturer private and delist it from the stock exchange.
TCC International Holdings said late Thursday in a stock exchange filing that Taiwan Cement Corp. (>> Taiwan Cement Corp) and TCC International Ltd. have offered to purchase shares which they do not already own. They own a 63.05% stake in the company.
According to the statement, the controlling shareholders offered to buy shares representing 36.95% in the company at HK$3.6 per share, a 38.5% premium over TCC International Holdings' closing price of HK$2.6 on the Hong Kong Stock Exchange on Tuesday.
Alternatively, the controlling shareholders have also offered to swap shares at 0.42 Taiwan Cement shares per TCC International Holdings share.
The proposal gives an opportunity to shareholders to "realize their investment" and redeploy the sum in other investment opportunities, it said. "It is unlikely that the scheme shareholders will receive any alternative general offers or other similar proposals from third parties."
The controlling shareholders aim to delist the company once it is taken private, which will help the group in "financial, business and operational integration" and also saving overall costs, it said.
The trading shares of TCC International Holdings in Hong Kong, which was halted early Wednesday, will resume Friday.
Write to Saurabh Chaturvedi at firstname.lastname@example.org