New Delhi: UltraTech Cement, a top cement producer, revealed on Wednesday that they have purchased an extra 25 per cent ownership in RAKWCT which is based in the UAE, increasing their overall ownership to 54.39 per cent.
Subsequently, RAK Cement Co for White Cement and Construction Materials PSC (RAKWCT) based in the UAE has been declared as a subsidiary of UCMEIL, its subordinate company, as per a disclosure made by UltraTech Cement. The purchase was completed by UltraTech Cement Middle East Investments Ltd (UCMEIL), a fully-owned subsidiary of the Indian cement manufacturer in the UAE.
"The Aditya Birla group firm stated that UCMEIL purchased 12.50 crore shares, equivalent to 25% of RAKWCT's share capital, between May 28 2024 and July 24 2024. "Following the meeting of RAKWCT shareholders on July 10, 2024, the share allocation for UCMEIL was officially disclosed on the same date. "UCMEIL now holds a total of 54.39 percent of shares in RAKWCT, including its previous shareholding." As a result, UCMEIL acquired RAKWCT as a subsidiary on July 10, 2024.
On May 27th, UltraTech announced an offer to purchase 31.6 pc of RAK Cement Co's stake in White Cement and Construction Materials PSC (RAKWCT), along with acquiring 15.80 crore shares. One month later, UltraTech Cement, a subsidiary of the Aditya Birla group, adjusted the percentage to 25 pc
RAKWCT was established in September 1980 and reported a revenue of Rs 482.5 crore in CY21, it stated. UltraTech possesses a combined capacity of 154.7 MTPA of grey cement. There are 24 manufacturing units, 33 grinding units, one clinkerisation unit, and 8 bulk packaging terminals in total.
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