Manufacturing UltraTech of India scales back bid for RAK Cement By Divsha Bhat June 26, 2024, 9:00 AM Alamy Foreign investors hold 30 percent in RAK Cement Co for White Cement and Construction Materials, with UAE nationals holding 68 percent Indian company already owns 29% Offer after month of negotiations Now wants an extra 25% India’s UltraTech Cement, one of the largest cement makers in the world, has scaled back its offer to acquire a larger stake in an Abu Dhabi-listed, Ras al-Khaimah-based company. UltraTech was initially looking to acquire an extra 31.6 percent stake (158 million shares) in RAK Cement Co for White Cement and Construction Materials (RAKWCT). However, UltraTech has now lowered its sights to 25 percent according to a disclosure. NewsletterGet the Best of AGBI delivered straight to your inbox every week UltraTech Cement Middle East Investments Limited, the company’s wholly owned subsidiary in UAE, currently holds 29 per cent in the RAK company, bought in April 2022 for $101 million. The revised offer comes after a month of negotiations. It is valid until July 26, an extension from the initial June 24 deadline. Over the past month, the RAK company’s stock has gained 14 per cent. Saudi cement prices under pressure as competition mounts Iraq cement company gets $130m to double production Mega-projects to cushion Mena cement makers from global blows However, compared to a year ago the shares are down by 9 percent. The shares are currently trading on ADX at AED1.14. Foreign investors hold 30 percent in RAKWCT, ADX data shows, with UAE nationals holding 68 percent. RAKWCT, which was incorporated in September 1980, had turnover of nearly $70 million last year. UltraTech Cement, based in Mumbai, has a combined capacity of 120 million tonnes per annum of grey cement.
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Economy Oman issues $460m in grants to support citizens Oman has provided funding of OR178 million ($460 million) to support more than 100,000 citizens in housing and businesses. Sultan Haitham bin Tariq, in a royal decree marking the fifth anniversary of his accession to the throne, increased the allocation for this year’s housing assistance programme, which provides housing to lower income families. The grants […] 2 hours ago
Employment Saudi Arabia plans cash pay-offs to cut public sector jobs Saudi Arabia is to offer cash incentives to encourage unproductive employees in the public sector to resign in a bid to tackle inefficiency. Saudi newspapers have reported that the government has earmarked nearly 12.7 billion riyals ($3.38 billion) for the three-year plan, which it dubs the ‘Golden Handshake’. While Riyadh has not clarified why it […] 2 hours ago
