{"id":101667,"date":"2025-03-14T00:00:00","date_gmt":"2025-03-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/tc-mena-eyes-100-of-gulf-cement\/"},"modified":"2025-03-14T00:00:00","modified_gmt":"2025-03-14T00:00:00","slug":"tc-mena-eyes-100-of-gulf-cement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/03\/14\/tc-mena-eyes-100-of-gulf-cement\/","title":{"rendered":"TC Mena eyes 100% of Gulf Cement"},"content":{"rendered":"

TC Mena eyes a full takeover of Gulf Cement: <\/strong>TC Mena Holdings, a subsidiary of Italy\u2019s Buzzi Unicem<\/a> and the largest shareholder in Gulf Cement<\/a>, launched a mandatory tender offer to acquire the remaining 62.4% stake in ADX-listed GCC, according to the official bid document (pdf)<\/a>. TC is seeking to secure a controlling stake at a minimum of 50% plus one share. TC will tap its own reserves to finance the acquisition. <\/p>\n

The details:<\/strong> The bidder wants to buy the additional stake for a cash-consideration of AED 143.5 mn at AED 0.56 apiece \u2014 a slim premium to its closing share price of AED 0.55 on Wednesday. The offer values the company at AED 229.9 mn, according to our calculations.<\/span><\/p>\n

Market reax:<\/strong> Gulf Cement\u2019s shares were up 1.8% to AED 0.56 yesterday. The company\u2019s share price has been on a downward trend since 2005.<\/p>\n

The rationale:<\/strong> The transaction would allow TC to gain full control over one the UAE\u2019s largest cement producers and exporters. The Ras Al Khaimah-based company claims to be the largest cement producer in the UAE with an annual production capacity of 2.5 mn tons of cement and 1.3 mn tons of clinker \u2014 set to rise to 3.8 mn tons upon completion of its new plants. The cement producer also has a key export hub in Ras Al Khaimah near raw material sources and ports, and supplies to both local and international markets. The company netted some AED 41.5 mn<\/a> in losses last year.<\/p>\n

SOUND SMART- <\/strong>This potential transaction checks all the boxes to qualify for what\u2019s called a \u201cdistressed asset acquisition,\u201d with the buyer taking advantage of the company\u2019s weak financial position and cheap share price with the goal of turning it around to become profitable and create higher value for shareholders. TC is \u201cpursuing this acquisition to enhance GCC\u2019s operational efficiency, reinforce its market position, and drive long-term value creation for all stakeholders,\u201d it said in the offer document. <\/p>\n

What\u2019s next? <\/strong>Shareholders have until Friday, 11 April to accept the offer, which is also pending regulatory approvals from the Securities and Commodities Authority (SCA) and the ADX. Should the transaction go through, Gulf Cement would continue to operate independently and retain its trade name post-acquisition, with no major changes in the cards. <\/p>\n

ADVISORS- <\/strong>Emirates NBD is quarterbacking the transaction as financial advisor, lead manager and receiving agent with Ibrahim N Partners providing legal counsel. <\/p>\n","protected":false},"excerpt":{"rendered":"

The offer sets a minimum acquisition target of 50% plus one share<\/p>\n","protected":false},"author":1,"featured_media":101668,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[7,2259,1342,1344,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-101667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-gulf-cement","tag-investment","tag-ma","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"fd15175d-9de8-41bf-8057-f6f7762de81f","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1524.jpg","photo_position":"above","homepage_title":"","full_issue_title":"TC Mena eyes 100% of Gulf Cement","related_issue":[101660],"teaser":"The offer sets a minimum acquisition target of 50% plus one share","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.ac3e3085-2676-483c-8646-b425dbcd4442.mp3"},"yoast_head":"\nTC Mena eyes 100% of Gulf Cement - 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