UCC BOD report

[sharewadi]

Union Cement (UCC) had a board meeting yesterday. If share prices depended on how much information was provided by the company after BOD meetings, UCC would be worth about 10x more than almost any other UAE listed company. Good to see some detail in the meeting results . Unfortunately, their shares don't look particularly cheap based on earnings and profit margins.

I presume the recommendation to buy 20 cement tankers refers to road transport, not sea transport?

Disclosures seem to be getting better of late - perhaps ESCA and the markets are putting pressure on the companies to improve them.

UCC shares are untraded in the first 45 minutes of trading today, and yesterday were flat at AED 5.13 per share. See also...

UAE cement company report - from Global Investments June 2008

Union Cement Company 11 June 2008:

Date: 11th June 2008 Mr. Khalid Khalfan Al Suweidi Abu Dhabi Securities Exchange After greetings, Subject: BOD Meeting (144) Referring to the Board of Directors meeting that was held on Tuesday 10th June 2008 at 10:00am in Hilton Hotel Ras Al Khaimah. The Following are the Meeting's results: Approval on last minutes of Meeting (143). The Management Status Report was read and discussed. Interim Financial Result of the company as at the end of April 2008 was approved. The board has approved presenting a feasibility study to approve switching from Heavy Fuel and Natural Gas in operating K3 into using Coal The Board has approved presenting a feasibility study of a cement mill with the capacity of 180 ton/hour and that is to equate the grinding capacity with the clinker production capacity in Union Cement Company. A technical committee was approved headed by Sheikh Rami Bin Khalid, Board Member An Emiratization and Development committee was approved headed by Mr. Hamad Al Shamsi, Board Member. The Board had asked the management to present a report that shows the economic viability of keeping the Old Kilns (1 &2). The Board approved to increase the overdraft facility from 100 million to 150 million The Board has approved buying 20 cement tankers to have a logistics advantage over its rivals. The Board had approved distributing End of year bonus to the company's employees for the year ending 31.12.2007. The Board had approved increasing the employees' salaries by 10 to 15%. Kind regards, ­ Abdullah Al Sayyah - General Manager

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