The United Basalt Products Limited (UBP) is contemplating to acquire shares in Drymix Ltd (Drymix), a company engaged in the manufacture and sale of “ready to use” dry mortar and Pre-Mixed Concrete Limited (Pre-Mixed), a company offering ready-mixed concrete solutions.
The move comes after Associated International Cement Ltd (AIC) and Cementia Holding AG (Cementia) expressed their intention to dispose of the totality of their shares in the two companies.
In a Cautionary Announcement issued on September 1, UBP said it will exercise “the rights of first refusal of the company as per the Shareholders’ Agreements”, as follows:
- Drymix: Acquisition of 17.23% or 23.99% of the shareholding, depending whether the other shareholder will exercise its right of first refusal. Consequently the shareholding of the company will increase to 71.83% or 78.59%.; and
- Pre-Mixed: Acquisition of 51% of the shareholding, such that the company will thereafter hold 100% of Pre-Mixed.
UBP alerted that the transactions result in a material change into the sphere of its activities as per the Securities (Disclosure Obligations of Reporting Issuers) Rules 2007. However, the said transactions do not qualify as notifiable transactions as per Chapter 13 of the Listing Rules of the Stock Exchange of Mauritius Ltd.
Nonetheless, they are subject to the approval of the Prime Minister’s Office under the Non-Citizens (Property Restriction) Act and to certain other conditions.
