TCC International Holdings said it received a buyout offer from its parent company Taiwan Cement Corp. The proposed deal is valued at HKD5.59 billion (USD721 million), according to Bloomberg.

TCC is the Hong Kong-listed unit of the largest cement maker in Taiwan. The company's parent currently owns 56.5% of TCC. Taiwan Cement may make a compulsory buyout and withdraw TCC's listing, the report said.

On its last day of trading on the Hong Kong bourse before its suspension, TCC's shares increased 6.6% to HKD3.06 on November 22. This year, the stock earned 35%, compared with the 4.5% gain in the benchmark Hang Seng Index, the report detailed.

In a statement, TCC said, "The offers present an immediate opportunity for holders of offer shares and offer preference shares to realize their investments. Given that the shares are generally thinly traded on the stock exchange and the preference shares are not public listed, there is limited opportunity for holders to divest."

The statement said the buyout bid will put TCC's value at HKD14.8 billion, including the shares already owned by Taiwan Cement, Bloomberg reported.