Raysut Cement, Oman’s largest cement producer by market value, said it acquired a 50 per cent stake in Oman Portuguese Cement Products Company (OPCP) to expand into new areas of the cement businesses.
Raysut said in a statement it would take over 40 per cent in OPCP owned by Oman Investment Corporation and 10 per cent of Silva Corporation’s 60 per cent holding.
Raysut’s chief executive officer Mohammed Ahmed Al Dheeb said the deal was valued at OMR1.92m (US$4.99m).
The acquisition will help Raysut move into production of ready mix and pre-cast concrete, blocks, and interlock paving.
"With this company, we will look at expanding into other businesses related to the cement industry. We will look to expand our product range and reach the end customer." Dheeb said.