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. That sale, which was chunky at 120 days' worth of trading volume and came at an 11.5% discount to the market price, set TCC's stock tumbling. And while the decision to do a rights...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222