Search DubaiPRNetwork.com

Home >> Real Estate & Retail

Union Cement Company Shareholders approve conversion in to Private Joint Stock Company

Monday, April 16, 2018/ Editor -  

Share

Home >> Real Estate & Retail

Ras Al Khaimah, United Arab Emirates, 16 April 2018: Union Cement Company, currently listed on the Abu Dhabi Securities Exchange (ADX) plans to de-list its shares from the stock exchange and convert company into Private Joint Stock Company.

At Company's General Assembly held on 25 March 2018, shareholders of UCC resolved to de-list the Company and convert it into a Private Joint Stock Company.
 
The Shareholders also approved the redemption of shares from the current shareholders at a price of AED2.10 per share.

 The price represents 14% premium to the last traded price of AED1.85 per share and 51% premium to the last 6 months' average price.

Company published the notice of the same post General Assembly and disclosure were made on ADX and Company’s website.
 
The shareholders who wish to sell their shares to the Company should notify the company of their intentions by submitting a redemption form request available on ADX website (www.adx.ae) and the Company's website (www.uccrak.com).
 
Company will make the payment for the redeemed shares within 10 working days from the expiry of the notice period i.e. 25th April, provided as part of its shareholder resolution.

Earlier this year, Shree Cement Company (listed in India with a market cap of over US$10bn) announced its intention to acquire shareholding in Union Cement Company subject to regulatory approvals.

As part of the transaction, UCC is to be de-listed from the ADX and converted into a Private Joint Stock Company.
 
Company is providing this opportunity for shareholders to benefit from attractive price and offer their shares for redemption.

Once the Company is converted into a Private Joint Stock Company, the shares will have no active market and the shareholder will have no liquidity publicly available for their shares. 

UCC's shares are currently suspended from trading on the ADX until the completion of the de-listing process.

The Company has also posted the clarification to frequently asked questions and made it available on ADX and Company’s website for shareholders benefit.

 


Previous in Real Estate & Retail

Next in Real Estate & Retail


Home >> Real Estate & Retail Section

Latest Press Release

IYNC and the UAE Discuss the Way Forward for Global Nuclear Energy at IAEA Gener ...

High-octane inaugural Socca Football World Cup kicks off on September 23 in Lisb ...

Eberhard & Co. Scafograf 100 For Elegant Lady

The Mummies of Dubai Give Their Kids a Preppy Style Makeover

75 percent more speed and 58 percent more efficiency in Huawei's upcoming Mate 2 ...

du Wins Smart Cities Award at the Telecoms World Middle East 2018

Turkish Airlines reached the highest monthly Load Factor in August with 85.6% LF ...

O Boticário Opens in Dubai its First Amphora Store outside Brazil Come Join ...

Dubai Parks and Resorts Celebrates Saudi National Day

Gulf Centre for Aviation Studies hosts development course for students

FOREO To Attend TFWA: the World's Largest Travel Retail Show

Etihad Airways Deepens Ties Between Uae and Saudi Arabia to Mark National Day

Ericsson showcased SMME innovation at ITU Telecom World 2018

DigiCert, Gemalto and ISARA Partner to Ensure a Secure Future for the Internet o ...

Ministry of Human Resources and Emiratisation, Huawei and Honor launch ICT Compe ...

School children wish their favourite Unimoni Asia Cup 2018 teams good luck

Huawei MEC Solution Wins "The Best Edge Computing Technology for 5G Evoluti ...

Emirati graduate from CUD invents device to help asthma patients breathe clean a ...

IELTS, the world's most trusted high-stakes English test, launches on computer i ...

The New Generation MG6 Arrives in the Middle East