UltraTech Cement's UAE Arm Secures 54.59% Stake In RAK Cement

UltraTech Cement Ltd.'s wholly-owned subsidiary in the United Arab Emirates, UltraTech Cement Middle East Investments Ltd., announced that it has acquired a 54.39% stake in Ras Al Khaimah Co. for White Cement and Construction Materials PSC, according to an exchange filing.

During the offer period from May 28, 2024, to July 24, 2024, UCMEIL acquired 12.50 crore shares, representing 25% of RAKWCT's share capital.

The transaction was facilitated with legal advisory support from Baker McKenzie and managed by Abu Dhabi Commercial Bank PJSC.

Shares of UltraTech Cement closed 0.40% lower at Rs 11,634.25 per share, compared to a 0.53% decline in the Sensex.