Abu Dhabi – Mubasher: RAK Cement on Sunday announced that it has acquired New-tech Cement Plant and Al Bana quarry from their previous owner, Mohamed Ali Omar Saleh Al Breki.

The transaction’s total cost amounted to AED 450 million ($122.54 million), RAK Cement said in a filing to the Abu Dhabi Securities Exchange (ADX), adding that the financial impact of this transaction would be reflected in its financial results of the first quarter of 2019.

It further noted that this transaction would be financed through one of the banks operating in the UAE.

It is worth noting that the company turned profitable in the full-year 2018, registering AED 21.16 million.

By the end of Sunday’s session, RAK Cement’s stock hiked 14.49% at AED 0.77.