Caribbean Cement Company Signs With Trinidad Cement Operating Lease Termination And An Equipment Sale And Purchase Agreements
Caribbean Cement Company Limited (CCC) has advised that on April 27, 2018 the Company signed with its holding company, Trinidad Cement Limited (TCL), an operating lease termination agreement and an equipment sale and purchase agreement for the assets that were subject to the lease agreement that was terminated.
The consideration to be paid by CCC to TCL to purchase the equipment is approximately US$118 million and is to be fully paid 90 days from the day of signature, in different installments, pursuant to the terms of the equipment sale and purchase agreement. CCC further advised that the equipment being purchased by CCC consists mainly of Kiln 5 and Mill 5 processes at CCC’s Rockfort, Kingston, Jamaica facilities.
The lease agreement had been entered into in July of 2010. These transactions are being entered into pursuant to the memorandum of understanding that had been entered into by TCL and CCC in March 2018.