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HEIDELBERG COMPLETES ACQUISITION OF EMIRATES CEMENT, EMIRATES POWER

Heidelberg Cement Bangladesh has completed acquisition of entire shareholding of Emirates Cement Bangladesh and Emirates Power Company from UltraTech Cement Middle East Investments Ltd. The Emirates Cement Bangladesh Ltd and Emirates Power Company Ltd are now wholly-owned subsidiaries of the company, according to an official disclosure on Sunday. The Heidelberg Cement disseminated the news regarding acquisition of entire shareholding of Emirates Cement Bangladesh and Emirates Power Company on November 13, 2019. 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 generates and supplies electricity.

UAE-based UltraTech Cement Middle East Investments is a wholly-owned subsidiary of Aditya Birla-led UltraTech Cement. The amount of consideration payable of BDT equivalent of US$ 21,518,684.56, which is approximately Tk 1,825,860,384.92 as of announcement on November 13, according to the disclosure. Each share of the Heidelberg Cement, which was listed on Dhaka bourse in 1989, closed at Tk 166.80 on Sunday, losing 0.54 per cent over the previous day despite the news.

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-directors 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.

Source:  The Financial Express, 09.12.2019

Link: https://today.thefinancialexpress.com.bd/stock-corporate/heidelberg-completes-acquisition-of-emirates-cement-emirates-power-1575822970