Taipei, April 20 (CNA) The board of directors of Taiwan Cement Corp. (TCC) approved a plan on Wednesday to delist TCC International Ltd. (TCCI) from the Hong Kong Stock Exchange and make it a privately owned company.
TCC currently owns 63.05 percent of TCCI and plans to buy back all privately owned shares at HK$3.6 per share. TCCI shareholders can also opt to exchange one TCCI share for 0.42 newly issued TCC shares, a company spokesman said.
Once the buyback has been completed, TCCI, a Cayman Islands-registered affiliate of Taiwan Cement in Taipei, will be delisted from the Hong Kong Stock Exchange, said the spokesman.
TCC was established in 1946 and is a leading cement company in Taiwan. In 2014, the company's output in greater China was about 60 million tons, ranking it sixth in the area, according to ccement.com.
TCC is also a global major exporter, producing a quality product that is widely used internationally and certified by Los Angeles City and CE in the Eurozone, according to the company website.
(By Pan Chih-yi and S.C. Chang)