UltraTech To Sell Its Stake In Bangladesh’s ECBL and EPCL To Heidelberg Cement
UltraTech is set to sell its entire stake in Bangladesh-based Emirates Cement Bangladesh Ltd (ECBL) and Emirates Power Company Ltd (EPCL), for US $ 29.5 m.
UltraTech’s UAE-based wholly-owned subsidiary, UltraTech Cement Middle East Investments Limited (UCMEIL), has entered into a “binding agreement with HeidelbergCement Bangladesh Ltd for divesting its entire shareholding in ECBL and EPCL,” the Aditya Birla Group firm said in a regulatory filing.
“In terms of the agreement, UCMEIL will divest its entire shareholding at an enterprise value of Bangladeshi Taka equivalent of
$29.5 m subject to obtaining necessary regulatory approvals in compliance with the laws of Bangladesh,” said the firm.
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