UltraTech Cement: additional 25% stake in UAE-based RAKWCT

11 Jul 2024 CW Team

UltraTech Cement announced on Wednesday that it had acquired an additional 25 % stake in UAE-based RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT), increasing its total holding to 54.39 %. According to a regulatory filing from UltraTech Cement, RAKWCT has now become a subsidiary of UCMEIL, its step-down firm. The acquisition was conducted by UltraTech Cement Middle East Investments Ltd. (UCMEIL), a wholly-owned subsidiary of the Indian cement maker in the UAE. "The offer period was from May 28, 2024, to July 24, 2024, during which UCMEIL acquired 12.50 crore shares, representing 25 percent of the share capital of RAKWCT," stated the Aditya Birla Group firm. Following the shareholders' meeting of RAKWCT held on July 10, 2024, the final allotment of shares in the name of UCMEIL was confirmed on July 10, 2024. "Together with the existing shareholding in RAKWCT, UCMEIL's aggregate shareholding in RAKWCT has increased to 54.39 percent," it added. Consequently, RAKWCT has been designated as a subsidiary of UCMEIL, effective July 10, 2024. Previously, on May 27, UltraTech announced its intention to acquire a 31.6 percent stake in RAKWCT and acquire 15.80 crore shares. However, the Aditya Birla Group firm later revised its offer to 25 percent. RAKWCT, incorporated in September 1980, reported a turnover of Rs 482.5 crore in CY21, according to the announcement. UltraTech Cement boasts a consolidated capacity of 154.7 million tonnes per annum (MTPA) of grey cement, with 24 integrated manufacturing units, 33 grinding units, one clinkerization unit, and 8 bulk packaging terminals.

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