UltraTech plans investment in UAE’s RAK White Cement

RAK WhiteCement

UltraTech Cement intends to acquire a 31.6% stake in UAE-based RAK Co. for White Cement and Construction Materials (RAK White Cement or RAKWCT). An offer has been submitted via UltraTech Cement Middle East Investment for 158 million shares of the Abu Dhabi-listed firm, equivalent to 31.6%, according to a disclosure on the Abu Dhabi Securities Exchange (ADX) on Monday this week. After RAKWCT posted a decline of net profits in the last few years, UltraTech plans to use its vast experience in the production of white cement to strengthen RAKWCT’s local and foreign market presence. The proposal will be presented to RAK’s board of directors today.