The board of directors of Heidelberg Cement Bangladesh Ltd has approved the acquisition of 100 per cent shareholding of Emirates Cement and Emirates Power from UltraTech Cement Middle East Investments Ltd.
Emirates Cement Bangladesh is a private company limited by shares incorporated in Bangladesh and engaged in cement production. Emirates Power Company is also a private company limited by shares incorporated in Bangladesh and engaged in generating and supplying electricity, according to an official disclosure on Wednesday.
The company has entered into an agreement for the transaction with UltraTech Cement Middle East Investments.
The amount of consideration payable at closing shall be the BDT equivalent of US$ 21,518,684.56, which is approximately Tk 1,825,860,384.92 as at the date of this announcement.
There may also be a post-closing adjustment to the consideration pursuant to a post-closing audit. The transaction is subject to completion of the necessary regulatory formalities and approvals in compliance with the laws of Bangladesh.
Each share of the Heidelberg Cement, which was listed in Dhaka bourse in 1989, closed at Tk 168.90 on Tuesday.