Dubai: The regional operations of Aditya Birla Group owned UltraTech Middle East Investment has cut the size of its cash offer component for an additional stake in Ras Al Khaimah Co. for White Cement & Construction Materials.
Instead of putting up cash for 31.6 per cent in the RAK entity, UltraTech Cement is willing to buy 25 per cent via the conditional cash offer. This has been approved by the UAE regulator Securities & Commodities Authority.
Over the last month, the RAK company's stock has gained 14 per cent. When it comes to a 12-month period, its down around 9 per cent. The stock is trading on ADX at Dh1.14.
The Jebel Ali based UltraTech Middle East Investment currently holds 29 per cent in the RAK entity. The company's latest offer will be open until July 26 after it was extended from 2pm today (June 24). It was last month that the India company made its conditional offer for the new stake buy.
According to the ADX data, foreign investors currently hold 29.6 per cent in Ras Al Khaimah Co. for White Cement & Construction Materials, with UAE Nationals holding 67.64 per cent.
The UAE company had profits of just over Dh20.5 million in 2023 against Dh21 million plus a year before.
