UltraTech Cement Middle East Investments is looking to acquire more than a third of stake in UAE-based Ras Al Khaimah Co. for White Cement (RKC).

The company submitted its partial acquisition offer on Monday for more than 158 million shares of the Abu Dhabi-listed firm, equivalent to 31.6%, according to a disclosure on the Abu Dhabi Securities Exchange (ADX) on Monday.

The proposal will be presented to the board of directors in a meeting on Wednesday, May 29, 2024, the filing said.

UltraTech Cement Middle East is a subsidiary of Aditya Birla Group’s UltraTech, a cement maker in India, according to media reports. UltraTech also has presence in the UAE, Bahrain and Sri Lanka, its website says.

(Writing by Cleofe Maceda; editing by Seban Scaria)