00:00ReadyMix West Indies Limited, a subsidiary of Trinidad Cement Limited, will permanently close its aggregates and ReadyMix operations on March
00:0931st.
00:11In a change of material notice pursuant to Section 647B of the Trinidad and Tobago Securities Act 2012, published today,
00:21TCL stated that the directors of ReadyMix considered and unanimously agreed to permanently close the subsidiary.
00:28It stated, quote,
00:31Trinidad Cement Limited, TCL, hereby advises that by written resolution of the board of directors of its subsidiary, ReadyMix West
00:40Indies Limited, RML, dated February 18, 2026,
00:45the directors of RML considered and unanimously agreed to permanently cease RML's aggregates and ReadyMix operations, end quote.
00:55TCL holds 98.63% of the total issued and outstanding share capital of ReadyMix.
01:04Based on the financial statements in TCL's 2024 annual report, ReadyMix showed an improved financial performance compared to the previous
01:14year.
01:15For the fiscal year 2024, the subsidiary reported revenue of $86.34 million, a 9.6% increase over the
01:25$78.79 million earned in 2023.
01:29The report also noted that in 2024, the concrete division of ReadyMix experienced an 8.5% reduction in volumes,
01:40while aggregates volumes saw a marginal increase of almost 1% compared to the previous year.
01:48ReadyMix was incorporated in Trinidad in 1961.
01:52Its primary activities are the manufacture and sale of premixed concrete, the winning and sale of sand and gravel, or
02:01aggregates,
02:02and participation in other ventures that promote the utilization of concrete and aggregates.
02:09In 1995, TCL acquired majority ownership of the company.
02:14President-General Ansel Roger and the executive of the oilfields-workers trade union met with ReadyMix employees on Monday.
02:24This development from TCL comes two weeks after the company announced a 15% price increase,
02:32citing higher production costs, following an increase in natural gas prices for manufacturers.
02:38This marked the sixth consecutive year that TCL has raised its prices.
02:45The last increase took effect on February 17, last year.
02:49On January 20, the Trinidad and Tobago Manufacturers Association warned
02:55that a proposed 76% increase in natural gas prices by state-owned national gas company
03:03from U.S. $3 to U.S. $5.30 per MMBTU
03:09could squeeze businesses already burdened by high electricity costs and shipping fees,
03:16increasing the risk of broader inflation.
03:19As a result, the TTMA wrote to NGC, calling for the price increase for light industrial customers,
03:26or non-energy manufacturers, to begin at U.S. $4 per MMBTU in 2026,
03:34followed by annual increases of about 4% over a three-year period through 2028.
03:43However, NGC chairman Gerald Ramdean defended the company's position,
03:49saying non-energy manufacturers have benefited for more than a decade
03:53from highly subsidized gas prices sold below NGC's acquisition costs,
04:00without evidence that those savings were passed on to customers.
04:04In 2017, Mexican cement manufacturer, Cemex, paid U.S. $86.36 million for TCL
04:13and its three cement plants in Barbados, Jamaica, and TNT.
04:18Feshana Pagu for TV6 News.
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