Shree Cement’s board approved the acquisition of majority stake in Union Cement Company a UAE-based company for $305.24 million on Thursday, the company said.
“Our board has approved the acquisition of a minimum of 92.83 percent of beneficial shareholding in Union Cement for an enterprise value of USD 305.24 million,” the company said in a statement.
The acquisition will help to create its first footprint outside the country, with this acquisition, cement capacity of Shree Cement will increase from the present 29.3 million tonnes per annum to 33.3 mt, it said.
“The transaction is expected to be completed in around nine months,” it added.
Union Cement Company is one of the leading cement makers in the UAE, established in 1972. UCC is traded on the Abu Dhabi Securities Exchange (ADX). It has operations in the Emirates of Ras Al- Khaimah with a clinker capacity of 3.30 mt and cement capacity of 4 mt.