Union Cement Co plans to delist shares from ADX

Dubai: Union Cement Co, which is currently listed on the Abu Dhabi Securities Exchange (ADX), said on Monday it plans to de-list its shares from the stock exchange and convert the company into a private joint stock company.

The decision was approved at the company’s general assembly held on March 25, the company said in an emailed statement.

The shareholders also approved the redemption of shares from the current shareholders at a price of Dh2.10 per share. The price represents a 14 per cent premium to the last traded price of Dh1.85 per share and a 51 per cent premium to the average price over the last six months.