Cemex to Divest T&T Stake

Cemex to Divest T&T Stake

Mexico

Mexican cement giant Cemex plans to sell its stake in TCL Group, the holding company for Trinidad Cement Company, say people close to the matter. Cemex owns almost 50m shares in TCL, which last week was trading at TTD4.75. As such, the stake is worth just under $40m, or TTD238m. Cemex is selling some assets with an estimated enterprise value of $2bn as it looks to address a mountain of short term maturities. One corporate credit analyst covering the company says he expects that to yield at best

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