UltraTech Cement Expands Shareholding in Ras Al Khaimah Co. for White Cement and Construction Materials (RAKWCT)
NSE: ULTRACEMCO:Rs.11,065.60(-1.85%)
UltraTech Cement is engaged in the manufacturing and sale of Cement and Cement related product primarily across globe.
UltraTech Cement Limited has announced an increase in its stake in Ras Al Khaimah Co. for White Cement and Construction Materials (RAKWCT).
Hightlight of the acquisition as follows
- UCMEIL, a wholly owned subsidiary of UltraTech Cement Limited, increased its shareholding in RAKWCT to 65.94% by acquiring an additional 11.55% of RAKWCT’s share capital.
- This acquisition involved 5,77,74,407 equity shares and cost US $22.02 million.
- The acquisition is not a related party transaction and none of UltraTech Cement Limited’s promoters or promoter group companies have an interest in RAKWCT.
- RAKWCT is in the white cement and construction materials industry.
- UltraTech intends to utilize its expertise in white cement manufacturing to expand RAKWCT’s business locally, regionally, and globally. This includes developing new products such as wall care putty.
- RAKWCT was founded on September 10th, 1980, is located in Ras Al Khaimah, and is listed on the Abu Dhabi Stock Exchange.
- The document provides RAKWCT’s turnover for the past three years, which was 576.3 crores in 2023, 537.4 crores in 2022, and 482.5 crores in 2021.