Abu Dhabi - Mubasher: The UAE-based Union Cement Company on Tuesday announcd that its board of directors has received two notices from major shareholders on the sale of a stake in the company’s capital.
The potential deal will entail selling 93% of the cement producer’s shares to India’s Cement Limited, according to the company’s statement to the Abu Dhabi Securities Exchange (ADX).
The deal is subject to the condition of transforming the company from public to private joint stock company.
Last week, the board approved changing the company’s form, after delisting its stocks on the Abu Dhabi Securities Exchange (ADX).
The general assembly meeting will be held on Thursday, 8 February, to discuss and vote on the board’s decision.
The potential deal is estimated at around $305 million.
