The general assembly of Ras Al Khaimah Company for White Cement and Construction Materials (RAK White Cement) has approved a conditional cash offer from UltraTech Cement Middle East Investments Limited, a subsidiary of Indian manufacturer UltraTech Cement. The approval concerns the acquisition of an additional 25% of RAK White Cement’s capital. UltraTech Cement aims to acquire 125.03 million shares at AED 1.15 per share, increasing its equity in RAK White Cement from 29.39% to 54.39%. Initially, UltraTech’s bid targeted a 31.60% acquisition but was scaled back to 25%. This strategic move follows the UAE company’s substantial profit gains in Q1 2024, where it achieved net profits of AED 13.12 million and revenues of AED 63.03 million.

Cement and Construction Materials, Private Equity and Mergers & Acquisitions,United Arab Emirates, India

https://www.zawya.com/en/wealth/alternative-investments/rak-white-cement-ratifies-25-acquisition-offer-from-indias-ultratech-cement-details-unveiled-hq6jzct3