Raysut shareholders agree to sell Oman Portuguese Cement Products

Raysut Cement shareholders have approved a proposal to sell Oman Portuguese Cement Products Co to Opal Development.

The decision was taken at an extraordinary general meeting of the company held on 25 July 2017, Raysut Cement said in a disclosure statement posted on the Muscat Securities Market website.

Meanwhile, earlier this month, Raysut Cement had announced that its net profit for the first six months of 2017 fell 64.2 per cent to OMR4.62m (US$12m) from OMR12.91m for the same period of last year. Group revenue declined 25 per cent to OMR37.41m versus OMR49.93m in 1H16.