Friday 22 March 2019

Union Cement plans to become private company

RAS AL-KHAIMAH, April 17, 2018

Union Cement Company, currently listed on the Abu Dhabi Securities Exchange (ADX), plans to de-list its shares from the stock exchange and convert into a private joint stock company.

At the company's recently held General Assembly, shareholders of UCC also approved the redemption of shares from the current shareholders at a price of Dh2.10 ($0.57) per share.  The price represents 14 per cent premium to the last traded price of Dh1.85 per share and 51 per cent premium to the last 6 months' average price. The company published the notice of the same post general assembly and disclosure were made on ADX and company’s website.
The shareholders who wish to sell their shares to UCC should notify the company of their intentions by submitting a redemption form request available on ADX website and the company's website.

The company will make the payment for the redeemed shares within 10 working days from the expiry of the notice period i.e. April 25, provided as part of its shareholder resolution.
Earlier this year, Shree Cement Company (listed in India with a market cap of over $10 billion) announced its intention to acquire shareholding in Union Cement Company subject to regulatory approvals. As part of the transaction, UCC is to be de-listed from the ADX and converted into a private joint stock company.
Once the company is converted, the shares will have no active market and the shareholder will have no liquidity publicly available for their shares.

UCC's shares are currently suspended from trading on the ADX until the completion of the de-listing process. The company has also posted the clarification to frequently asked questions and made it available on ADX and company’s website for the benefit of shareholders. – TradeArabia News Service

Tags: Union Cement | private joint stock | Shree Cement |

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