Oman’s Raysut to raise debt to finance UAE purchase

Oman’s Raysut to raise debt to finance UAE purchase
Published: 02 November 2010

Oman’s Raysut Cement Company (RCC) said it is studying a number of offers it received from banks proposing to finance its planned acquisition of United Arab Emirates’ Pioneer Cement Industries.

The acquisition aims to boost ’s capacity and to "enhance its leadership role locally and regionally as major player in the region," RCC said in a statement posted on the Muscat bourse website.

The move is "in line with [RCC’s] 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 Oman and its regional markets," it added.

RCC said last week its board approved the acquisition and that its executive management has been authorised to complete it.