TCC receives USD721 million buyout bid from parent company

Byyyp

Updated Fri, 29 Nov 2013 00:00:00 GMT

TCC International Holdings said it received a buyout offer from its parent company Taiwan Cement Corp. The proposed deal is valued at HKD5.59 billion (USD721 million).

TCC is the Hong Kong-listed unit of the largest cement maker in Taiwan. The company's parent currently owns 56.5% of TCC. Taiwan Cement may make a compulsory buyout and withdraw TCC's listing.

On its last day of trading on the Hong Kong bourse before its suspension, TCC's shares increased 6.6% to HKD3.06 on November 22. This year, the stock earned 35%, compared with the 4.5% gain in the benchmark Hang Seng Index.