Buzzi SpA, through TC Mena Holdings Ltd (TC Mena), a 90 per cent owned subsidiary incorporated under the laws of Abu Dhabi Global Market, has acquired 37.6 per cent of the share capital in Gulf Cement Co PSC (GCC).
GCC is a public joint stock company, incorporated in the UAE emirate of Ras Al Khaimah, and of which shares are listed at the Abu Dhabi Securities Exchange.
On 13 March 2025, TC Mena extended a public take-over offer to the remaining shareholders of GCC with an offer price per share of AED0.56 (US$0.15). The results of the takeover offer will be published on 11 April 2025.
If all shares of GCC are tendered, the total purchase price paid by TC Mena, including the share acquisitions outside the take-over offer, will be approximately US$70m. The purchase will be funded through available cash and existing credit facilities at the parent level.
GCC operates one cement production facility in Ras Al Khaimah with a production capacity of approximately 2.4Mta. In 2024 GCC achieved net sales of EUR120m and EBITDA of EUR7m. GCC produces cement for the UAE domestic market as well as for export destinations.
