Raysut to complete UAE firm buy soon
The Sultanate’s biggest cement producer, Raysut Cement Company (RCC), yesterday said that its acquisition of the UAE’s Pioneer Cement will be completed by the end of this year.
"There are some formalities to be completed. By the end of this month, we will finish all formalities and release the news (on acquisition) within a few days," company’s chief executive officer Mohammed Ahmed Al Dheeb told ’Times of Oman’ on phone from Salalah.
Al Dheeb added that the Ras Al Khaimah-based Pioneer Cement Industries has an installed capacity to produce 1.6Mta.
The cost of acquisition is expected to be funded through commercial borrowing.
"We are unable to announce sources of funds at this moment."
RCC’s decision to purchase the United Arab Emirates cement producer is aimed at increasing its production capacity, and to enhance its leadership role locally and regionally as a major player in
the region.
"This is in line with its future strategies and efforts to increase its shares in export markets, with optimum use of the ships owned by the company to meet the requirements of its terminals in the Sultanate of Oman and in the region."
Published under Cement News
