A lawsuit filed last July by a group of minority shareholders of Caribbean Cement's parent, Trinidad Cement Limited (TCL), to prevent it from holding its annual general meeting, has come to an end.
TCL's newly appointed Chairman and other parties involved agreed to discontinue with the action.
The 11 shareholders had argued that their interests were being prejudiced, after the company’s former directors refused to include on the proxy their nominees for the Board.
When the matter came up for hearing at the Hall of Justice in Port of Spain last week, TCL Chairman Wilfred Espinet, along with all other parties involved, agreed to have the matter discontinued. TCL was ordered to pay legal costs.
During a special meeting of shareholders on August 19 the new board was voted in. The members include Chris Dehring, a Jamaican company executive who was recently appointed to the board of Jamaica based Caribbean Cement, and is set to become its Chairman.
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