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

Year of Tolerance logo inspires ADU's new Al Ain campus design

The Dubliners St. Patrick's Day

‘Take Water. Give Life'

Ireland Claims CSI2* Longines Grand Prix Win on Day 3 of President's Cup

Get closer- your makeup is invisible with Make Up For Ever's New Ultra HD Concea ...

Research finds increased sulfur metabolism is a likely survival mechanism for na ...

Pakistan International Airlines launches bi-weekly flights to Al Ain Internation ...

Galaxy S10 series now available for pre-order in the UAE

Modest Fashion Week Returns to Dubai for 2019

Three New Breitling Watches Commemorate an Aviation Legend: The Curtiss P-40 Wa ...

The Emirates A380 to take centre stage at the Saudi International Airshow

Dubai Customs ties strategy to the 8 principles of governance

Super Six as Pogacar picks up top spot in Portugal

Ibn Battuta Mall hosts Pink Caravan clinic to raise awareness about breast cance ...

Ras Al Khaimah Ruler to present inaugural Sheikh Saud bin Saqr Al Qasimi Interna ...

Splash launches Adaptive Collection for People of Determination

Key Trends of Spring/Summer 2019 and How to Wear Them

Lucky Number Five for UAE In FEI Longines Jumping Nations Cup™ Draw

Procter & Gamble Announces Newest Commitment to Gender Equality Across the India ...

The Beard Gear Company