UAE Ras al-Khaimah’s Union Cement Company (UCC) targets to raise its holding in Ras al-Khaimah Energy (RAK Energy) to 35 per cent from the current 10 per cent, local media reported.
Following a decision of the board of directors, UCC plans to acquire 175 million RAK Energy shares for a total price of AED175m (US$47.7m).
The cement firm bought 10 per cent in RAK Energy, which has a capital of AED500m (US$136.3m), in October.
UCC board has also decided to appoint Abdullah al-Sayyah general manager of the company. Al-Sayyah will take up his duties on February 11, 2008 after the expiry of a management contract with Heidelberg Cement.
UCC’s net profit in the first half of 2007 was AED118.3m (US$32.2m) compared with AED52.1m (US$14.2m) in the same period of 2006.