Laticrete International Asia Pacific Pte Ltd entered into an initial memorandum of understanding to acquire remaining 51% stake in RAK Laticrete from Ras Al Khaimah Ceramics PSC (ADX:RAKCEC) on January 18, 2015. The transaction is subject to regulatory and other approvals and envisages completion of agreement for sale of shares by March 25, 2015. The agreement was signed on April 7, 2015.

The transaction is expected to close on April 2015.