UltraTech Cement to buy 70% stake in Oman’s Duqm Cement for $2.25 million

UltraTech Cement has informed to the exchanges regarding acquisition in Oman’s Duqm Cement for $2.25 million.

In a regulatory filing, the company said that its wholly-owned subsidiary UltraTech Cement Middle East Investments Limited, (“UCMEIL”) in UAE, has entered into a Share Sale and Purchase Agreement with Seven Seas Company LLC, Oman for acquisition of 70% equity shares in Duqm Cement Project International, LLC, Oman.

Incorporated in December 20, 2017, Duqm Cement Project International, LLC is situated in Oman. 

The acquisition will be completed in 90 days from the date of the share sale and purchase agreement, the company further said in a filing on Monday.

On Tuesday, at around 11:33 AM, UltraTech Cement was trading at Rs7008.10 per share higher by 1.78% on the BSE.

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