August 10, 2009

Claxton Bay, Trinidad:

Despite acknowledging a flaw in one aspect of the procedures followed by the Caribbean Community (CARICOM), the Caribbean Court of Justice (CCJ) has not invalidated the waiver of the Common External Tariff (CET) on imported cement in the region. The judgment was delivered by Justice De La Bastide at the Caribbean Court of Justice in Port of Spain, Trinidad earlier today.

In an initial response to the decision, TCL Group’s Manager of Investor Relations and Corporate Communications, Alan Nobie said that the company would immediately be reviewing the judgment in consultation with its attorneys for further insight to the basis for the ruling but was heartened by the fact that it provided for procedural clarity in relation to the decision making process pertaining to waivers of the CET. He reiterated, “From the onset, TCL sought to clarify the procedures and principles that guide the suspensions of CET and we are of the view that this judgment brings greater clarity to the process going forward. We expect that this will not only prevent any similar situations for the TCL Group in the future but will also act in the interest of other regional manufacturing entities. It is imperative that unambiguous procedures are in place and observed”.

The TCL Group remains well poised to adequately supply the region’s demand for cement, especially with its recent expansion and modernisation thrust at its Jamaican operation, Caribbean Cement Co. Ltd, where a new, state –of – the – art kiln (Kiln 5) was commissioned in August 2008 increasing the company’s capacity. Furthermore, the TCL Group, based on an independent Audit of the Supply Capacity and Demand for Cement in the Region is able to fully supply the regional demand in 2009.