Shree Cement Ltd arm to acquire balance stake in UCN

Union Cement Company PrJSC, a step-down subsidiary of Shree Cement Ltd (situated in UAE), presently holds 60% Equity Capital of Union Cement Norcem Co. Ltd. LLC situated in UAE ("UCN"). Shree Global FZE,(a Wholly Owned Subsidiary of the Company) situated in UAE has agreed to acquire remaining 40% stake in UCN. The transaction value of the same would be AED 14.50 Million (Approx. Rs. 30 Crores). The said acquisition is likely to be consummated by 30th June, 2022.

ICM was incorporated in 1980 and is registered in Ras AI Khaimah, UAE. It is engaged in the business of marketing of Oilwell cement.

Shares of SHREE CEMENT LIMITED was last trading in BSE at Rs. 24931.50 as compared to the previous close of Rs. 24879.30. The total number of shares traded during the day was 911 in over 590 trades.

The stock hit an intraday high of Rs. 25189.75 and intraday low of 24600.00. The net turnover during the day was Rs. 22671864.00.

Source : Equity Bulls

Keywords

SHREECEMENT INE070A01015 UCN StakeAcquisition