Ultratech Makes RAK Cement Its Subsidiary

Ultratech Cement's middle east subsidiary - UCMEIL - has acquired additional 25 percent stake in UAE-based Ras Al Khaimah Company for White Cement (RAKWCT), taking the stake in the company to 54.39 percent, making it a subsidiary.

The company informed exchanges through an exchange filing about the share acquisition, for which Baker McKenzie acted as legal adviser and Abu Dhabi Commercial Bank acted as the sole manager for the transaction.

As recently as in April, UltraTech had announced UCMEIL's plans to invest and acquire 29.39 percent of equity shares of RAKWCT, which is a listed company on the Abu Dhabi stock exchange.