On April 15, UltraTech Cement disclosed its plan for UCMEIL, its wholly-owned subsidiary in the UAE, to invest in a 29.39 % equity share capital of 'Ras al Khaimah Co. for White Cement and Construction Materials PSC' (RAKWCT), a company listed on the Abu Dhabi stock exchange. This investment was announced at $101.10 million for the stated equity percentage.
On May 28, UltraTech Cement revealed its intention to make a partial conditional cash offer to acquire an additional 31.6% stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT), through UCMEIL. This offer, in accordance with Article 10 of the decision of the chairman of the Securities and Commodities Authority's Board of Directors, is part of the takeover code of UAE.
The offer period is scheduled to open on May 28, 2024, and will continue until June 24, 2024. RAKWCT, established in September 1980, reported a turnover of Rs 4825 million in calendar year 2021.
UltraTech Cement boasts a consolidated capacity of 138.39 Million Tonnes Per Annum (MTPA) of grey cement, with 23 integrated manufacturing units, 29 grinding units, one clinkerisation unit, and 8 bulk packaging terminals. (Source: ET)
