TC MENA increases offer price in bid to acquire 100% of Gulf Cement
11 Apr 2025 22:15
A.SREENIVASA REDDY (ABU DHABI)TC MENA Holdings (TCM), which has launched a bid to acquire a 100% stake in Gulf Cement Company (GCC), a publicly listed entity on the Abu Dhabi Securities Exchange (ADX), has amended its offer price.In a stock market disclosure, GCC said TC MENA Holdings has increased the offer price from Dh0.56 per share to Dh0.75 per share. The last date for shareholders to avail of the offer has also been extended from April 10 to April 24.'The company shareholders who have tendered their shares before April 10 will also be entitled to receive Dh0.75 per share,' the disclosure noted.Currently, TCM holds a 37.58% stake in GCC. In its bid for full ownership, the company has extended a mandatory cash offer to purchase all remaining shares at the newly revised price of Dh0.75 per share.'The revised offer price represents a substantial premium over both the initial offer and the prevailing market price, and is intended to serve as a compelling proposition to all shareholders,' the statement said.'The increased offer price underscores our confidence in the long-term value of GCC and our desire to establish a positive engagement with its shareholder base from the outset,' TCM added.GCC shares closed at Dh0.71 on Friday, valuing the company at approximately Dh293 million at that price.The success of the acquisition depends on TCM securing a minimum ownership of 50% plus one share, when combined with its existing shareholding, through voluntary acceptance by shareholders.Gulf Cement Company, established on May 31, 1977, is a major cement manufacturer in the region. It was founded through a decree issued by the Ruler of Ras Al Khaimah. The company operates from a strategically located production facility near Saqr Port in RAK, facilitating efficient distribution to markets across the Middle East, Asia, and Africa. GCC's product portfolio includes essential construction materials such as sulphate-resistant cement and ordinary Portland cement.Gulf Cement became publicly listed on the ADX on February 26, 2002. The company currently has an issued and paid-up share capital of Dh410,548,410, divided into an equal number of ordinary shares with a nominal value of Dh1.00 each.TC MENA Holdings is a private company incorporated in the Abu Dhabi Global Market (ADGM). Its ownership structure comprises a 90% stake held by Buzzi S.p.A, a publicly listed Italian company, and 10% held by Diarkis Holdings Ltd, which is wholly owned by Jose Bernardo Sena Peralta.
Upon successful completion of the transaction, TCM has stated its intention to retain Gulf Cement Company's commercial registration and trade name.
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