HeidelbergCement Bangladesh Ltd has entered into an agreement to buy the entire shares of Emirates Cement Bangladesh Limited and Emirates Power Company Limited from UltraTech Cement Middle East Investments Limited for Tk 182.58 crore.
The board of directors of HeidelbergCement Bangladesh on Tuesday approved the acquisition of the shares of the two companies subject to completion of the necessary regulatory formalities and approvals in compliance with the laws of Bangladesh, according to a Dhaka Stock Exchange web post.
Emirates Cement Bangladesh is a private limited company incorporated in Bangladesh and engaged in cement production and Emirates Power Company Limited is a private limited company incorporated in the country and engaged in generating and supplying electricity, it said.
‘The amount of consideration payable at closing shall be the taka equivalent of $21,518,684.56, which is approximately Tk 182,58,60,384.92 as at the date of this announcement,’ it said.
There may also be a post-closing adjustment to the consideration pursuant to a post-closing audit.
UltraTech Cement Middle East Investments Limited, a subsidiary of India-based UltraTech Cement Limited, owns the cement maker in Bangladesh.
The sell-out move of UltraTech Cement Limited has come within nine years of its acquiring Emirates Cement Bangladesh amid extensive business competition along with rising operation cost in the country.