Feb 2018 Financial News

Trinidad Cement Limited - Notice of Development in Material Legal Matter

Feb 26, 2018

Development in Material Legal Matters – Industrial Court Trade Disputes 290-294 OF 2012

In December 2014 and January 2015, Trinidad Cement Limited (“TCL” or “the Company”) published notices advising that TCL and three (3) of its subsidiary companies has signed a Memorandum of Agreement (“MOA”) with the Oilfields Workers’ Trade Union (“OWTU”) in relation to an Order of the Industrial Court in Trade Disputes 290-294 of 2012, and all salary and benefits for the period 2012-2014.

Further to those notices, TCL hereby advises that on February 19, 2018 the Company and the OWTU signed a revised MOA. In accordance with the revised MOA, the Company has paid $151M, of which $20M has been apportioned in accordance with the choice afforded to employees to opt for cash or shares. TCL is in the process of purchasing shares for the employees that have so opted.

With the exception of shares to be purchased, all outstanding payments under the revised MOA in relation to the said Order of the Industrial Court in Trade Disputes 290-294 of 2012 have been settled.
 

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday February 26th 2018