Buzzi SpA, through TC Mena Holdings Ltd (“TC Mena”), a 90 % owned subsidiary incorporated under the laws of Abu Dhabi Global Market, has acquired 37.6 % of the share capital in Gulf Cement Company P.S.C. (“GCC“).
GCC is a public joint stock company, incorporated in the Emirate of Ras Al Khaimah, part of the United Arab Emirates, whose shares are listed at the Abu Dhabi Securities Exchange (“ADX“).
On 13 March 2025, TC Mena extended a public takeover offer to the remaining shareholders of GCC with an offer price per share of 0.56 AED. The results of the takeover offer will be published on 11 April 2025.
If all shares of GCC are tendered, the total purchase price paid by TC Mena, including the share acquisitions outside the takeover offer, will be approximately 70 million dollars (around 65 million euros). The purchase will be funded through available cash and existing credit facilities at the parent level.
GCC operates one cement production facility in Ras Al Khaimah with an annual production capacity of approximately 2.4 million tons. In 2024, GCC achieved net sales of 120 million euros and EBITDA of 7 million euros. GCC produces cement for the UAE domestic market as well as for export destinations.
