Abu Dhabi - Mubasher: The board of Union Cement Company (UCC) has approved on Wednesday changing the company’s nature from a public to a private equity, after the delisting of its stock on the Abu Dhabi Securities Exchange (ADX).

The company’s decision requires the approval from regulatory authorities as well as no less than 90% of its shareholders, according to a bourse filing.

The general assembly meeting will be held on 8 February, to discuss and vote on the board’s decision.

An Indian company has made an offer to acquire a majority stake of 92.8% of the company’s shares, in a potential deal estimated at $305.2 million.