UBP out to acquire foreign group, urges caution when dealing with shares

The United Basalt Products Limited (UBP) is reportedly considering the acquisition of a group of companies overseas.

The name of the group, which has not been disclosed, reportedly operates in a similar line of business.

Through a Cautionary announcement issued on the Stock Exchange of Mauritius, UBP said the acquisition “will be subject to the satisfactory completion of conditions precedent, due diligence exercises, the obtention of relevant regulatory approvals, final corporate and any
other approvals required by the parties.”

Shareholders and the investing public have been advised to exercise caution when dealing in the shares of the company.

For the half year ended December 31, 2021, UBP’s revenues increased by 9.9% (+Rs 184.8 million) compared to the same period in 2020.

Out of the Rs 184.8 million increase, Rs 131.6 million were attributable to Pre-Mixed Concrete Ltd, which it acquired in November 2021.