|11 September, 2019

RAK Cement cancels acquisition of quarry, cement plant

The acquisition has been cancelled as the company was not able to provide the required financing for completing the transaction

Image used for illustrative purpose. Loading of truck trailers for cement production. Please see related pictures:

Image used for illustrative purpose. Loading of truck trailers for cement production. Please see related pictures:

Gettyimages

Abu Dhabi – Mubasher:Ras Al Khaimah Cement (RAK Cement), listed on the Abu Dhabi Securities Exchange (ADX), announced it has cancelled an acquisition of a quarry and a cement plant.

The acquisition has been cancelled as the company was not able to provide the required financing for completing the transaction, according to a filing to the ADX on Wednesday.

It is worth noting that RAK Cement previously reported turned to losses during the second quarter of 2019, incurring AED 728.89 million in losses, against a profit of AED 4.97 million in Q2-18.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Construction