Mexican company CEMEX has increased its offer price to $5.07 per share, which represents 50 percent premium, as it attempts a take-over of Trinidad Cement Limited (TCL).

In a release, the company said Monday that its indirect subsidiary, Sierra Trading, will present a change and variation notice making an amended offer to all TCL shareholders, to acquire up to 132,616,942 ordinary shares in TCL, which together with Sierra’s existing share ownership in TCL of approximately 39.5%, would, if successful, result in Sierra holding up to 74.9% of the equity share capital in TCL.

Sierra’s offer of TT$5.07 in cash per TCL share will give shareholders (excepting Barbados shareholders) the option to be paid for their TCL shares in TTD or USD.

The company says full acceptance of the offer would result in a cash payment by Sierra of approximately TT$672 million (U.S.$101 million).

The Revised Offer Price represents a premium of 50% over the December 1, 2016 closing price of TCL’s shares in the Trinidad and Tobago Stock Exchange.

The company added that the offer will be conditional on Sierra acquiring at least an amount of TCL shares that would allow CEMEX, for financial reporting purposes, to consolidate TCL.

Unless extended, the Offer period, as amended by the Amended Offer, is expected to close on January 24, 2017 at 3:00 pm local time.

Sierra said it does not currently expect to extend the offer period after January 24, 2017.

All other terms and conditions of the Offer not modified by the Amended Offer remain unchanged.

The company assured that if the offer is successful TCL will continue operating as usual.

Additionally, TCL will be maintained as a publicly listed company on the Trinidad and Tobago Stock Exchange “with the benefit of a strong local shareholding together with the enhanced benefit of proven management and operational expertise from CEMEX”.

TCL’s main operations are in Trinidad and Tobago, Jamaica and Barbados. TCL is the majority shareholder of Caribbean Cement Company Limited (“CCCL”), a main cement producer in Jamaica.

As of September 30, 2016, TCL and its subsidiaries had EBITDA of approximately US$77 million for the last twelve months, net debt of approximately U.S.$113 million, representing a net financial leverage of approximately 1.5x.

If the offer is successful TCL would, for financial reporting purposes, be consolidated by CEMEX.

For more information on CEMEX, please visit: www.cemex.com

For more information on TLC, please visit: www.tlc.co.tt

For more information on CCCL, please visit: www.caribcement.com