Heidelberg completes acquisition of Emirates Cement, Emirates Power

FE Online Report | Published: December 08, 2019 12:10:44 | Updated: December 11, 2019 10:40:16

Heidelberg Cement Bangladesh has successfully completed the acquisition of entire shareholding of Emirates Cement Bangladesh and Emirates Power Company from UltraTech Cement Middle East Investments Ltd.

With the acquisition, the Emirates Cement Bangladesh Ltd and Emirates Power Company Ltd are now wholly-owned subsidiaries of Heidelberg, said an official disclosure on Sunday.

The Heidelberg Cement earlier disseminated the news regarding the acquisition of 100 per cent of the shareholding of the companies on November 13 last.

Emirates Cement Bangladesh and Emirates Power Company are private company limited by shares incorporated in Bangladesh. Emirates Cement is engaged in cement production and Emirates Power in generating and supplying electricity.

The Heidelberg Cement inked an agreement recently for the transaction with UltraTech Cement Middle East Investments. Based in the United Arab Emirates, UltraTech Cement Middle East Investments is a wholly-owned subsidiary of Indian Aditya Birla-led UltraTech Cement.

The amount of consideration payable at closing shall be BDT equivalent of US$ 21,518,684.56, which is approximately Tk 1,825,860,384.92 as at the date of this announcement, according to the disclosure.

Each share of the Heidelberg Cement, which was listed in Dhaka bourse in 1989, closed at Tk 167.70 on Thursday last.

The company’s paid-up capital is Tk 565.04 million and authorised capital is Tk 1.0 billion while total number of securities is 56.50 million.

The sponsor-director own 60.67 per cent stake in the company, while the institutional investors own 25.92 per cent, foreign investors 1.15 per cent, and the general public 12.26 per cent as on October 31, 2019, the DSE data showed.

The Germany-based multinational building materials company disbursed 75 per cent cash dividend for the year ended on December 31, 2018.



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