Shree Cement-led UAE arm to acquire remaining 40% in Union Cement Norcem for Rs30cr; Stock dips

17 Feb 2022 , 11:58 AM

Shree Cement on Thursday announced that its UAE-based wholly-owned subsidiary, Shree Global FZE will acquire the remaining 40% stake in Union Cement Norcem Co. Ltd. LLC situated in UAE (“UCN”).

Currently, the company’s a step- down subsidiary, Union Cement Company PrJSC also based in UAE holds a 60% stake in UCN.

The transaction value of the same would be AED 14.50 Million (approximately Rs30cr).

The said acquisition is likely to be consummated by 30th June 2022.

UCN, Ras AI Khaimah, UAE is engaged in the business of marketing Oilwell cement.

At around 11.55 am, Shree Cement was trading at Rs24850 per piece down by Rs81.50 or 0.33% on BSE.

The stock has touched an intraday high and low of Rs25183.50 per piece and Rs24590.75 per piece respectively.