Following UltraTech Cement Middle East Investments Ltd's (UCMEIL) partial cash offer for acquiring shares (25 per cent) of Ras Al Khaimah Co for White Cement (RAKW) and Construction Materials PSC in May 2024, a shareholders' meeting was held on 9 July and the final allotment of shares in the name of UCMEIL was announced on 10 July.
Together with the existing shareholding in RAKW (UltraTech Group), UCMEIL's aggregate shareholding in RAKW was increased to 54.39 per cent. Therefore, RAKW has become a subsidiary of UCMEIL with effect from 10 July, 2024.
Baker McKenzie acted as legal adviser to UCMEIL and Abu Dhabi Commercial Bank PJSC acted as sole Manager for the transaction.
