Ultratech Cement Middle East Investments Limited made an partial conditional cash offer to acquire additional 31.6% stake in Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C. (ADX:RAKWCT) for AED 180 million on May 27, 2024. As on June 24, 2024, The acquirer has received the approval form SCA to amend the offer; to make the reduction in partial cash conditional cash offer from 31.6% to 25% i.e., make a reduction in the partial conditional cash offer to acquire an additional 125,039,250 shares of the Company representing 25% of the issued and paid up share capital of the Company (rather than 158,049,610 additional shares representing 31.6% of the issued and paid up share capital of the Company) for approximately AED 140 million; and extend the original Offer period to 26 July 2024. The consideration to be paid in AED 1.15 in cash for acquiring 158,049,610 shares, representing 31.6% of the issued and paid-up share capital of RAKWCT. The transaction is subject to Applicable regulatory approvals in United Arab Emirates. This Offer becomes unconditional only if the Conditions are fulfilled or waived i.e., receipt of all required governmental, corporate, regulatory and statutory approvals, exemptions and/or waivers in connection with the Transaction, including receipt of the final written approval(s) of the SCA in relation to the Offer, provision by RAKWCT of all of the information required or requested by the SCA in relation to the Transaction, dispatch of the RAKWCT Offeree Circular by RAKWCT to the RAKWCT Shareholders, the RAKWCT Shareholders passing the requisite resolutions in relation to the Offer at the RAKWCT GM, no Material Adverse Effect having occurred prior to the satisfaction of all the Conditions, requirements and approvals related to the Offer, obtaining the approval of the Ministry of Economy with regards to the Offer; and obtaining any necessary approvals required from any third parties pursuant to any commercial contracts of RAKWCT. All RAKWCT Shareholders will have equal rights and liabilities arising from, or in relation to, the Offer. UltraTech will send to the board of directors of RAKWCT this UltraTech Offer Document. UltraTech and RAKWCT will also enter into an Implementation Agreement. The RAKWCT Shares shall be acquired by UltraTech under the Offer on the basis that the RAKWCT Shares are paid up and free from all liens, charges, equities, encumbrances, options, rights of pre-emption and any other third party rights and interests of any nature whatsoever and together with all rights now and hereafter attaching or accruing to them, including, without limitation, voting rights and the right to receive and retain in full all dividends and other distributions (if any) declared, made or paid, or any other return of value (whether by reduction of share capital or share premium account or otherwise) made, on or after the date of this UltraTech Offer Document. The offer period shall open from May 28, 2024 and remain open upto June 24, 2024. As on June 10, 2024, The source of financing for the cash consideration payable in full under the offer Is financing from Abu Dhabi commercial bank in UAE which is licensed by Central Bank of UAE. UltraTech has stated that it attaches great importance to the skills and expertise of the existing management and employees of RAKWCT and intends to retain the skills and expertise of RAKWCT's current senior management team on their existing terms. The board of directors of company is honored to invite the shareholders of company to attend the general meeting which will be held on July 9, 2024.

Baker & McKenzie LLP acted as Legal adviser to the Offeror and ADCB acted as transfer manger in Transaction. KPMG Lower Gulf Limited and Grant Thornton Audit and Accounting Limited acted as advisor to RAKWCT.

Ultratech Cement Middle East Investments Limited completed the acquisition of additional 25% stake in Ras Al Khaimah Co. for White Cement & Construction Materials P.S.C. June 24, 2024. Conditional extension of the offer period is no longer required due to completion of acquisition.