In a legal briefing, Taiwan Cement unveiled plans to elevate its shareholding in Turkey’s OYAK and Portugal’s Cimpor, anticipating substantial financial impacts. TCC General Manager Cheng Yaohui disclosed that, historically, TCC lacked control over OYAK and Cimpor holdings. The proposed increases, reaching a controlling stake, are expected to boost consolidated revenue by nearly 38 billion yuan, reaching approximately 119 billion yuan for the first three quarters.
The board’s decision includes raising the stake in OYAK from 40% to 60% and in Cimpor from 40% to 100%, scheduled for completion by Q1 2024. The authorized transaction amount by TCC’s board for these strategic moves is approximately NT$26.6 billion.
Cheng Yaohui addressed concerns from the French Legal Society about investing more in European subsidiaries. He emphasized the significance of diversified investments, anticipating a drop in revenue proportions from cross-strait cement and China Cement in Taiwan Cement’s financial report.
TCC Chairman Zhang Anping addressed inquiries on TCC’s energy storage business, projecting profitability in 2023 and an improved performance in 2024. Despite challenges in the battery market, TCC Investments focuses on ternary batteries, crucial for carbon reduction in electric vehicles. The ternary battery factory is poised for profitability in the coming year, marking a strategic shift in TCC’s high-tech ventures.
