HeidelbergCement Bangladesh has informed Dhaka Stock Exchange that it completed the acquisition of 100 per cent of the shareholding of Emirates Cement Bangladesh Ltd and Emirates Power Co Ltd from UltraTech Cement Middle East Investments Ltd.
The company has further informed that on 5 December 2019, the transaction (as per conditions of share purchase agreement) has been completed and the Emirates Cement Bangladesh Ltd and Emirates Power Co Ltd are now wholly-owned subsidiaries of the company.
The amount of consideration payable is approximately equivalent to US$21.518m in local currency, according to the initial acquisition announcement on 13 November 2019.
HeidelbergCement has earned a net profit of BDT9.4m (US$110,794) during January and September 2019, compared to BDT660m, earned during the same nine months of last year. The decline in profit is reportedly attributed to increase in cost of sale (higher prices of raw material) during this accounting period, says the company.
HeidelbergCement Bangladesh says that it meets 13 per cent of the Bangladesh demand for cement from two plants located at Dhaka & Chittagong. With 1.5Mta cement output, the company has become a major player in the Bangladesh cement industry over the last eight years.
