New Delhi: Aditya Birla Group company UltraTech Cement on Monday said it has made an offer to White Cement & Construction Materials PSC (RAKWCT) to acquire 31.6 per cent stake in UAE-based RAK Cement Company.
This will be undertaken by UltraTech Cement Middle East Investments Limited (UCMEIL), a wholly owned subsidiary of the Indian cement maker in the UAE.
On April 15, UltraTech had informed that UCMEIIL will invest 29.39 per cent of the equity share capital of 'Ras Al Khaimah Company for White Cement and Constructio Materials PSC' (RAKWCT), a company listed on the Abu Dhabi Stock Exchange.
At that time it had announced an investment of US$101.10 million (about Rs 839.52 crore for 29.39 per cent equity).
“We are now writing to inform you that UCMEIL has notified its intention to make a partial conditional cash offer to acquire 158,049,610 shares, representing 31.6 per cent of the issued and paid-up share capital of RAKWCT.”
It said this would be in accordance with Article 10 of the Decision of the Chairman of the Board of Directors of the Securities and Commodities Authority relating to the rules for takeovers and mergers of public shareholding companies of the UAE (the 'TEKOV Code').
“The offer period will commence from May 28, 2024 and will remain open till June 24, 2024,” it said.
It said RAKWCT was incorporated in September 1980 and had a turnover of Rs 482.5 crore in CY21.
UltraTech's consolidated capacity is 138.39 million tonnes per annum (MTPA of gray cement). It has 23 integrated manufacturing units, 29 grinding units, clinkerization units and 8 bulk packaging terminals.
This will be undertaken by UltraTech Cement Middle East Investments Limited (UCMEIL), a wholly owned subsidiary of the Indian cement maker in the UAE.
On April 15, UltraTech had informed that UCMEIIL will invest 29.39 per cent of the equity share capital of 'Ras Al Khaimah Company for White Cement and Constructio Materials PSC' (RAKWCT), a company listed on the Abu Dhabi Stock Exchange.
At that time it had announced an investment of US$101.10 million (about Rs 839.52 crore for 29.39 per cent equity).
“We are now writing to inform you that UCMEIL has notified its intention to make a partial conditional cash offer to acquire 158,049,610 shares, representing 31.6 per cent of the issued and paid-up share capital of RAKWCT.”
It said this would be in accordance with Article 10 of the Decision of the Chairman of the Board of Directors of the Securities and Commodities Authority relating to the rules for takeovers and mergers of public shareholding companies of the UAE (the 'TEKOV Code').
“The offer period will commence from May 28, 2024 and will remain open till June 24, 2024,” it said.
It said RAKWCT was incorporated in September 1980 and had a turnover of Rs 482.5 crore in CY21.
UltraTech's consolidated capacity is 138.39 million tonnes per annum (MTPA of gray cement). It has 23 integrated manufacturing units, 29 grinding units, clinkerization units and 8 bulk packaging terminals.
