In a strategic maneuver, UltraTech Cement, a subsidiary of the Aditya Birla Group, has unveiled its intention to acquire a significant stake in RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT), based in the United Arab Emirates (UAE).
On Monday, May 27, UltraTech Cement initiated a cash offer to acquire more than 158,049,610 shares of RAKWCT, amounting to 31.6 percent of its issued and paid-up share capital.
The acquisition will be executed through UltraTech Cement Middle East Investments Ltd (UCMEIL), the company’s UAE-based subsidiary.
UltraTech Cement aims to leverage its expertise in white cement manufacturing to enhance RAKWCT’s operational footprint across local, regional, and global markets.
The offer period commences on Tuesday, May 28, and extends until June 24. The proposal is set to be deliberated by the board of directors in a meeting scheduled for Wednesday, May 29.
This move follows UltraTech Cement’s earlier announcement on April 15 regarding its plan to invest $10.10 million (approximately Rs 839.52 crore) to acquire a 29.39 percent equity stake in RAKWCT.
Notably, UltraTech Cement already maintains a robust presence in the UAE, Bahrain, and Sri Lanka.
