In a strategic move, UltraTech Cement, an Aditya Birla Group company, has announced an offer to acquire a substantial stake in United Arab Emirates (UAE)-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT).
The company on Monday, May 27, submitted a partial acquisition cash offer for over 158,049,610 shares of RAKWCT, representing 31.6 percent of its issued and paid-up share capital.
RAKWCT will be acquired by UltraTech Cement Middle East Investments Ltd (UCMEIL), a subsidiary of the Indian cement manufacturer in the UAE.
UltraTech plans to utilize its white cement manufacturing expertise to expand RAKWCT’s business locally, regionally, and globally through the acquisition.
The offer period will commence on Tuesday, May 28 and continue until June 24.
The proposal is scheduled to be presented to the board of directors in a meeting on Wednesday, May 29.
This comes after cement manufacturer on April 15 announced to invest 10.10 million dollars (around Rs 839.52 crore) to acquire 29.39 percent equity share capital of RAKWCT.
It is noteworthy that UltraTech has a presence in the UAE, Bahrain, and Sri Lanka.
