UltraTech Cement, a subsidiary of the Aditya Birla Group, has announced that it intends to acquire a significant 31.6 per cent stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT).
A partial acquisition cash offer was made by the company on 27 May for over 158,049,610 shares of RAKWCT's issues and fully-paid capital.
The acquisition will be executed by UltraTech Cement Middle East Investments Ltd (UCMEIL), the UAE-based subsidiary of the Indian cement manufacturer.
UltraTech plans to use its vast experience in the production of white cement to strengthen RAKWCT’s presence locally, regionally and globally through this move.
The offer period will commence 28 May and will end on 24 June. The proposal will be presented to the board of directors on 29 May.
News of this acquisition comes after UltraTech announced US$10.1m (INR839.99m) of investment to acquire 29.39 per cent share of RAKWCT on 15 April.
