New Delhi, Leading cement maker UltraTech Cement on Wednesday announced the acquisition of additional 25 per cent stake in UAE-based RAKWCT, taking its total stake to 54.39 per cent.
Subsequently, UAE-based RAK Cement Company for White Cement and Construction Materials PSC (RAKWCT) has become a "subsidiary" of UCMEIL, its step-down firm, according to a regulatory filing by UltraTech Cement.
The acquisition was made by UltraTech Cement Middle East Investments Limited (UCMEIL), a wholly owned subsidiary of the Indian cement manufacturer in the UAE.
"The offer period was from May 28, 2024, to July 24, 2024, during which UCMEIL acquired 12.50 crore shares representing 25 per cent share capital of RAKWCT," the Aditya Birla Group company said.
At the conclusion of the shareholders' meeting of RAKWCT held on July 10, 2024, the final allotment of shares in the name of UCMEIL was announced on July 10, 2024.
"With the existing shareholding in RAKWCT, UCMEIL's total stake in RAKWCT increases to 54.39 per cent," it said.
"As a result, RAKWCT becomes a subsidiary of UCMEIL with effect from July 10, 2024."
Earlier on May 27, UltraTech had said it had made an offer to White Cement & Construction Materials PSC (RAKWCT) to acquire 31.6 per cent stake in UAE-based RAK Cement Company and acquire 15.80 crore shares.
However, after a month, Aditya Birla Group company UltraTech Cement revised it to 25 percent.
It said RAKWCT was incorporated in September 1980 and had a turnover of Rs 482.5 crore in CY21.
UltraTech has a consolidated capacity of 154.7 million tonnes per annum (MTPA) of gray cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerization unit and 8 bulk packaging terminals.
Subsequently, UAE-based RAK Cement Company for White Cement and Construction Materials PSC (RAKWCT) has become a "subsidiary" of UCMEIL, its step-down firm, according to a regulatory filing by UltraTech Cement.
The acquisition was made by UltraTech Cement Middle East Investments Limited (UCMEIL), a wholly owned subsidiary of the Indian cement manufacturer in the UAE.
"The offer period was from May 28, 2024, to July 24, 2024, during which UCMEIL acquired 12.50 crore shares representing 25 per cent share capital of RAKWCT," the Aditya Birla Group company said.
At the conclusion of the shareholders' meeting of RAKWCT held on July 10, 2024, the final allotment of shares in the name of UCMEIL was announced on July 10, 2024.
"With the existing shareholding in RAKWCT, UCMEIL's total stake in RAKWCT increases to 54.39 per cent," it said.
"As a result, RAKWCT becomes a subsidiary of UCMEIL with effect from July 10, 2024."
Earlier on May 27, UltraTech had said it had made an offer to White Cement & Construction Materials PSC (RAKWCT) to acquire 31.6 per cent stake in UAE-based RAK Cement Company and acquire 15.80 crore shares.
However, after a month, Aditya Birla Group company UltraTech Cement revised it to 25 percent.
It said RAKWCT was incorporated in September 1980 and had a turnover of Rs 482.5 crore in CY21.
UltraTech has a consolidated capacity of 154.7 million tonnes per annum (MTPA) of gray cement. It has 24 integrated manufacturing units, 33 grinding units, one clinkerization unit and 8 bulk packaging terminals.
