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India’s UltraTech offers to boost stake in RAK Cement

The UAE subsidiary of India's UltraTech Cement will hold 61 percent in RAK Cement if the offer is successful Pexels/Life of Pix
The UAE subsidiary of India's UltraTech Cement will hold 61 percent in RAK Cement if the offer is successful

India’s UltraTech Cement has offered to acquire a 31.6 percent stake in Abu Dhabi-listed RAK Cement Co for White Cement and Construction Materials (RAKWCT).

The Indian cement producer’s wholly owned subsidiary in the UAE, UltraTech Cement Middle East Investments, bought a 29.4 percent stake in RAKWCT in April 2022 for $101 million.

The UAE subsidiary plans to acquire 158 million shares, RAKWCT said in a statement published on the Abu Dhabi bourse.

The share offer period will run from May 28 to June 24, 2024, UltraTech Cement said in a statement to the Bombay Stock Exchange.

UltraTech Cement Middle East will hold 61 percent in the RAK cement producer if the offer is successful.

Turnover of RAKWCT, which was incorporated in September 1980, reached nearly $70 million last year.

UltraTech Cement has a combined capacity of 120 million tonnes per annum of grey cement.

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