Displaying items by tag: offer

Malaysia: Hong Leong Group has offered to buy out the minority shareholders in Tasek. The offer values the cement producer at around US$160m, according to the Star newspaper. Hong Leong Group is controlled by Quek Leng Chan who owns an 80% stake in Tasek through Hong Leong Asia. If the minority shareholders accept the offer the the cement producer could become a private company. Tasek operates a 2.3Mt/yr integrated plant in Perak state.

Egypt: Helwan Cement has received several preliminary non-bidding offers for its white cement plant located in Minya Governorate. The subsidiary of Suez Cement and HeidelbergCement is now conducting financial, legal and technical due-diligence on the offers, according to Reuters. No values or timescale for the sale have been disclosed.

South Africa: PPC has hired Investec bank to review an offer by Fairfax Financial Holdings to buy a stake in it. The process will also look at ‘credible’ offers made by other investors including Nigeria’s Dangote Cement. No duration for the review has been specified but the cement producer said it would take ‘some time.’ The Takeover Regulation Panel has granted Fairfax an extension until November 2017 to distribute its offer to shareholders, PPC said, allowing Investec more time to complete its report into the proposal.

South Africa: AfriSam has described its offer with Fairfax Financial Holdings to buy a stake in PPC for US$154m as ‘fair.’ In a questions and answer statement on its website it commented that the “…Partial Offer and Merger reflect the fair and relative value of PPC and AfriSam based on the unaffected market price for PPC shares and other valuation benchmarks.” PPC described the offer to its shareholders as low and has confirmed that it has been in communication with other potential bidders, including Nigeria’s Dangote Cement.

India: JSW Cement has acquired a promoters' share in Shiva Cement and has also launched an open offer to acquire a 32% stake from public shareholders in the company. JSW Cement, with Sun Investments Private and Reynold Traders, has made an open offer to the public equity shareholders of Shiva Cement to buy up to a 32% share in the company at a value of US$12.8m. In late September 2016 promoters of Shina Cement held a 37.15% stake, while public shareholders held the remaining 62.85%, according to Indian media.

Trinidad & Tobago: Cemex has increased its offer to buy a controlling stake in Trinidad Cement. The cement producer has instructed its subsidiary Sierra Trading to make a higher offer and take-over bid with a value of US$101m with a deadline of 24 January 2017. Previously, in early December 2016 it offered US$89m. The amended offer is dependent on Cemex acquiring control of Trinidad Cement, among other conditions. In late December 2016 the directors of Trinidad Cement advised shareholders to reject Cemex’s offer because it was seen as poor value.