UAE: UltraTech Cement offers to acquire 31.6% stake in RAKWCT

UCMEIL aims to enhance RAKWCT’s business operations locally and internationally via the acquisition.

UltraTech Cement Middle East Investments Limited (UCMEIL) has announced its intention to acquire a 31.6% stake in United Arab Emirates (UAE)-based Ras al Khaimah Co for White Cement and Construction Materials PSC (RAKWCT).

UCMEIL is a wholly owned subsidiary of UltraTech Cement, which is part of the Aditya Birla Group.

UltraTech Cement is a manufacturer of grey cement,ready-mix concrete (RMC) and white cement across India.

On 15 April 2022, UltraTech Cement disclosed that UCMEIL would invest 29.39% in the equity share capital of RAKWCT.

The latest deal is said to be in line with Article 10 of the Securities and Commodities Authority’s board of directors decision on the acquisition code for public shareholding companies in the UAE.

The formal offer period for this acquisition commenced today (28 May) and will remain open until 24 June.

Source: worldconstructionnetwork

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