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MarketScreener Homepage  >  Equities  >  Shanghai - Hong Kong Stock Connect  >  TCC International Holdings Limited    1136   KYG869731078

TCC INTERNATIONAL HOLDINGS LIMITED

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TCC International: Controlling Shareholders Plan to Take Company Private

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04/20/2017 | 09:20pm EDT
   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 saurabh.chaturvedi@wsj.com

Stocks mentioned in the article : TCC International Holdings Limited, Taiwan Cement Corp
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -0.37% 1.355 End-of-day quote.-29.24%
LETS HOLDINGS GROUP CO., LTD. -2.63% 10.38 End-of-day quote.71.85%
LINE CORPORATION 0.00% 5370 End-of-day quote.0.37%
TAIWAN CEMENT CORP. -1.07% 41.8 End-of-day quote.0.44%
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Managers
NameTitle
Kung Yi Koo Managing Director & Executive Director
An Ping Chang Chairman
Wei Jian Shan Non-Executive Director
Poon Huai Liao Independent Non-Executive Director
Ching Kang Chih Independent Non-Executive Director