M&A

M&A

UltraTech Cement acquires addl 25% in UAE-based RAKWCT; makes it a subsidiary

BSE Announcement   YourStory  

Publicly-listed UltraTech Cement, through UltraTech Cement Middle East Investments Ltd (UCMEIL), has acquired an additional 25% stake (12,50,39,250 equity shares) in UAE-based “RAK Cement Co. for White Cement and Construction Materials PSC” (RAKWCT) taking its total holding to 54.39%.Baker McKenzie acted as legal adviser to UCMEIL and Abu Dhabi Commercial Bank PJSC acted as sole Manager for the transaction.Incorporated in 1980, RAKWCT is located at Ras Al Khaimah, and is listed on the Abu Dhabi and Kuwait stock exchanges.