Shree Cement UAE arm to acquire remaining 40% stake in Union Cement Norcem; Stock trades flat

17 Feb 2022 , 11:38 AM

Shree Global FZE, a Wholly Owned Subsidiary (WOS) of Shree Cement Limited, situated in UAE has agreed to acquire the remaining 40% stake in Union Cement Norcem Co. Ltd. LLC situated in UAE (UCN). The transaction value of the same would be AED 14.50 Million (~Rs30 crore). The said acquisition is likely to be consummated by June 30, 2022, the company said in a filing on Thursday.

Union Cement Company PrJSC, a step-down subsidiary of the company (situated in UAE), presently holds 60% Equity Capital of UCN.

Union Cement Norcem, Ras AI Khaimah, UAE is engaged in the business of marketing of Oilwell cement. The Paid up Capita is AED 2.50 Million and Turnover for Year 2021 (unaudited): is AED 41.96 Million.

At around 11.39 AM, Shree Cement Ltd was trading at Rs24,891.20 per piece down by Rs40.3 or 0.16% from its previous closing of Rs24,931.50 per piece on the BSE.