Shree Cement signs deal to buy 92.83% stake in UCC

Sh ree Cement has signed an agreement with UAE-based Union Cement Company( U CC) to acquire a 92.83 percent stake holding in that company for a consideration of $305.24 million. In a filing with the B SE, Kolkata-based Shree Cement said the sellers, besides signing the take over agreement had agreed to keep the networking capital of $59.37 million intact as on the date of the actual take over which is expected to be completed in the next nine months. The deal is subject to approval from the UAE government, the Competition Regulatory Authority in UAE and the stakeholders of U CC. The transaction would be completed via Sh ree Cement’ s subsidiary in the UAE.