TCC International Holdings said it received a buyout offer from its parent company Taiwan Cement Corp.

Taiwan Cement currently holds a 56.5 per cent stake in TCC International Holdings. The proposed deal is valued at HKD5.59bn (US$721m), according to Bloomberg.

The deal will allow Taiwan Cement to book the full profits of the Hong Kong unit, TCC International Holdings Ltd, which has a major production base in China and is benefiting from rising product prices there, analysts said.