Ras Al Khaimah Co for White Cement will proceed with the regulatory procedures for Ultratech’s bid to acquire a 31.6% stake in the company after its board of directors reviewed the offer, according to an ADX disclosure (pdf). The Indian cement manufacturer had earlier this week offered to purchase around 158 mn shares at AED 1.15 per share through its UAE-based subsidiary, UltraTech Cement Middle East Investments.

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

OTHER M&A NEWS-

The National Investor to offload AED 24 mn asset: Abu Dhabi-based The National Investor plans to sell an office floor situated in Reem Island to a subsidiary of one of its shareholders, Mazrui Real Estate, for AED 24 mn, according to a disclosure (pdf). The asset’s book value is AED 28.7 bn, representing 10.1% of the company’s total share capital. The transaction is expected to be closed during 3Q 2024, subject to receiving shareholders’ approval.

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