Oman Cement appoints United Securities to advise on stake acquisition

Oman Cement Company SAOG (OCC) says it has appointed well-known Omani investment management firm United Securities LLC to provide advisory services on the proposal by Abra Holdings Limited to acquire a biggest stake in the Omani cement manufacturer.

Oman Cement said in a regulatory filing to the Capital Market Authority (CMA) that it had received an offer to acquire an additional stake of up to 15.52 per cent in the company.

“Following a thorough evaluation of the Offer Document, the Board of Directors of OCC has taken significant steps to ensure transparency and provide valuable information to shareholders,” Oman Cement said.

“As part of this process, the board has appointed United Securities LLC as an independent advisor to prepare a comprehensive report on the financial fairness of Abra Holdings Limited's offer, in accordance with Article 32 of the Takeover Regulations.

A publicly traded company, Oman Cement also shared documents that, it said, “are vital for shareholders to assess the offer from Abra Holdings Limited”. It included the Offer Document, outlining the terms and conditions of the proposed acquisition by Abra Holdings Limited. Also included in the annexures was a report by Oman Cement’s board, providings insights into the offer and its potential impact on the company.

Additionally, Oman Cement attached the expert opinion of independent advisor United Securities, which had conducted an “impartial assessment of the financial fairness of Abra Holdings Limited's offer. Finally, an Offer Acceptance Form was enclosed for shareholders to either accept or reject the offer.

“OCC encourages all shareholders to carefully review these materials, which are attached to this press release. The provided information will enable shareholders to make informed decisions regarding the offer from Abra Holdings Limited,” Oman Cement in conclusion.

Earlier this month, Abra Holdings Ltd (Abra), which owns the stake of Huaxin Cement in Oman Cement Company, had announced a public offer to acquire an additional 15.42 per cent of the issued share capital of the latter, a move that would increase the former’s stake in OCC to 75.0 per cent.