Shree Cement acquires 98% stake in UCC

Shree Cement has completed the acquisition of a 97.6 per cent stake in the UAE’s Union Cement Co (UCC). The deal was struck through the company’s wholly-owned subsidiary, Shree International Holdings, incorporated in the UAE.

The acquisition was managed by Ras Al Khaimah’s Investment and Development Office (IDO) on behalf of the government, according to an official statement.

"The acquisition of UCC manifests Shree’s strategy to expand overseas, taking the UAE as a launch pad for more investments in the GCC", said Khalid Bin Saud Al Qasimi, vice chairman of IDO.