Union Cement Company (UCC) is in the process of delisting its shares from the Abu Dhabi Securities Exchange (ADX) and converting into a private joint stock company.
The decision was reached by UCC’s shareholders at the company’s general assembly, which was held on 25 March, 2018.
Trading on the shares of the Ras Al Khaimah-headquartered company was suspended effective the day after the meeting, UCC said in a statement.
The general assembly also approved the purchase of shares from current shareholders at a price of $0.57 (AED2.10) per share.
According to UCC, the price represents 14% premium of the last traded price of $0.50 (AED1.85) per share and 51% premium of the last six months’ average price.
The India-listed cement manufacturer Shree Cement revealed in January this year its intention to buy a majority stake in UCC, subject to its conversion from a public joint stock company into a private outfit, as well as its delisting from ADX.
The transaction, expected to be completed within nine months of commencement, will see Shree Cement acquire equity worth at least 92.83% of the UAE company.