Cement producer TCC seeks $297 million from rights issue

TCC will sell the new shares at a 19.9% discount to Terp on a one-for-two basis. The controlling shareholder will cover up to 72% of the deal if necessary.

TCC International Holdings, a China-based cement producer that is part of the Taiwan Cement group, has announced a HK$2.31 billion $297 million fully-underwritten rights issue to raise funds towards the $490 million acquisition of clinker and cement production assets from Prosperity Minerals that was completed at the end of April.

This is the second time this year that the Hong Kong-listed company has tapped the markets for new capital, having also completed a $109 million top-up placement in mid-January....

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