TC Mena Holdings secured a 64.06% stake in Gulf Cement: TC Mena Holdings acquired an additional stake of 26.44% in ADX-listed Gulf Cement, increasing its total holding to 64.06% after extending the deadline for shareholders tendering their shares, according to a disclosure to the ADX (pdf). The company, a unit of Italy’s Buzzi Unicem unit and Gulf Cement’s largest shareholder, had been gunning for up to 100% of the company, up from its current 37.6% stake, and a minimum of a 50%+1 controlling stake.

REMEMBER- TC raised its offer price to AED 0.75 per share earlier this month — up 33.92% from the initial bid — and after Gulf Cement’s shareholders approved the bid earlier this month. Gulf Cement — the largest cement producer in the UAE — netted some AED 41.5 mn in losses last year.

ADVISORS- Emirates NBD is quarterbacking the transaction as financial advisor, lead manager and receiving agent with Ibrahim N Partners providing legal counsel.

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