{"id":102166,"date":"2025-03-28T00:00:00","date_gmt":"2025-03-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/gulf-cements-board-gives-the-thumbs-up-to-tc-mena-holdings-takeover-offer\/"},"modified":"2025-03-28T00:00:00","modified_gmt":"2025-03-28T00:00:00","slug":"gulf-cements-board-gives-the-thumbs-up-to-tc-mena-holdings-takeover-offer","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/03\/28\/gulf-cements-board-gives-the-thumbs-up-to-tc-mena-holdings-takeover-offer\/","title":{"rendered":"Gulf Cement\u2019s board gives the thumbs up to TC Mena Holding\u2019s takeover offer"},"content":{"rendered":"

Gulf Cement board greenlights TC Mena Holding takeoveR: <\/strong>ADX-listed Gulf Cement\u2019s board recommended the bid made by majority shareholder TC Mena Holding to acquire the remaining 62.4% of the company or a minimum of 50% plus one share to shareholders, it said in a disclosure to the ADX (pdf)<\/a>. <\/p>\n

REMEMBER-<\/strong> TC Mena Holding had submitted the bid earlier this month<\/a>, offering to buy the additional stake for AED 143.5 mn at AED 0.56 apiece. TC currently owns 37.6% of GCC. <\/p>\n

Market reax:<\/strong> Gulf Cement\u2019s shares were up 6.06% to AED 0.7 yesterday, according to market data. The company\u2019s share price has been on a downward trend since 2005.<\/p>\n

Buying the dip: <\/strong>The 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>The general assembly is scheduled to convene on Thursday 17 April \u2014 pushed back from 11 April \u2014 to mull 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":"

TC Mena Holding had {submitted the bid earlier this month}, offering to buy the additional stake for AED 143.5 mn<\/p>\n","protected":false},"author":1,"featured_media":102167,"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":[7,2259,1344,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-102166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-enterpriseam-uae","tag-gulf-cement","tag-ma","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"68d6031f-3db8-4ab7-9cd6-b6b98e92c872","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/2253.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gulf Cement\u2019s board gives the thumbs up to TC Mena Holding\u2019s takeover offer","related_issue":[102154],"teaser":"TC Mena Holding had {submitted the bid earlier this month}, offering to buy the additional stake for AED 143.5 mn","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.a6bdeae0-7346-455f-b874-9a1e66f40c2c.mp3"},"yoast_head":"\nGulf Cement\u2019s board gives the thumbs up to TC Mena Holding\u2019s takeover offer - 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