Oman’s Raysut Cement Company has acquired the United Arab Emirates’ (UAE) Pioneer Cement for US$172m. Pioneer Cement is a joint venture set up between Ras Al Khaimah Investment Authority and Penna Global Investments for US$172m.
The company announced in a filing to Muscat bourse, that, "This would strengthen the marketing, technical and financial capability of (Raysut) to face the newer challenges in the coming years. With all these growth stories and those which are still to come in future, Raysut is placed well in the forefront of cement industry not only in Oman but as a significant player in the region."
The entire amount of US$172m that Raysut Cement Company required for the acquisition was funded by a consortium of banks led by BankDhofar of Oman.