Raysut Cement eyes acquisition of Sohar Cement

MUSCAT, FEB 24 - Raysut Cement Company SAOG, the Sultanate’s largest cement manufacturer, has announced that it has signed a letter of intent (LoI) with the shareholders of Sohar Cement Factory LLC, a limited liability company registered in the Sultanate of Oman, with respect to the purchase of all its shares. This was revealed by Ghose Jotirmoy Pratul Krishina, Chief Executive Officer of Raysut Cement, in a filing to the Muscat Securities Market (MSM) yesterday. The parties are currently discussing the terms of the proposed acquisition and Raysut says it will keep its shareholders informed of any significant future developments as and when they happen. Sohar Cement is the Sultanate’s third cement plant after Oman Cement and Raysut Cement. The facility was developed by a partnership between Sohar Cement, holding 70 per cent of the equity and UAE-based Fujairah Cement Company, owning the remaining 30 per cent of the equity. Sohar Cement features a cement-grinding unit with a capacity of around 240 tonnes per hour and aims to help add to domestic production capacity and reduce the nation’s dependence on imports of cement. The plant is located within Phase 7 of Suhar Industrial Estate, one of the several industrial parks administered by the Public Establishment for Industrial Estates (Madayn) around Oman. Jomar Mendoza