UltraTech to up stake in Rak White Cement: Indian cement manufacturer Ultratech has submitted a bid to acquire an additional 31.6% stake — or 158 mn shares — in Ras Al Khaimah for White Cement (Rak White Cement) through its UAE-based subsidiary, UltraTech Cement Middle East Investments, according to an ADX disclosure (pdf). UltraTech has offered to buy the stake at AED 1.15 per share.

Background: UltraTech acquired a 29.39% stake in Rak White Cement for USD 101 mn in 2022.

The plan: UltraTech intends to expand the cement manufacturer’s operations locally and globally, and to introduce new products to Rak Cement’s production portfolio, such as wall care putty.

What’s next? Rak White Cement is set to tap a financial adviser to present a recommendation report for its shareholders.

Market reax: Rak White Cement’s shares closed up 12% at AED 1.09, putting the offer from UltraTech at a 5% premium.

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