TCC Group plans de-listing of energy storage subsidiary NHOA

June 14, 2024

TCC Group Holdings is to launch a simplified tender offer targeting the shares of its subsidiary NHOA, an energy storage systems company, with a view to delisting NHOA’s shares from Euronext Paris.

The tender offer, at a price of EUR 1.10 per NHOA share in cash, will be made through TCC’s indirect subsidiary Taiwan Cement Europe Holdings (TCEH).

“If the legal conditions are met, TCC, indirectly through TCEH, would request the implementation of a squeeze-out procedure, which would result in the delisting of NHOA’s shares from the regulated market of Euronext Paris,” a TCC Group statement said.

The motivation for the proposed tender offer is that NHOA’s development “requires significant investments that will be easier to decide on and implement as a non-listed company”, the statement said. It added: “Effectively, a private ownership would enable NHOA to more efficiently implement long-term strategies without the pressures of the financial markets’ expectations, regulatory costs and sensitivity to share price fluctuations.”

The delisting of NHOA’s shares from the regulated Euronext Paris market would also enable the simplification of the company’s legal structure.