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

RAS AL KHAIMAH, 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 recently, 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 percent premium to the last traded price of AED1.85 per share and 51 percent 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.

Source: Emirates News Agency