Oman Cement Company SAOG has confirmed the successful completion of a share purchase agreement between The Investment Authority Company SPC (representing the government’s stake in the cement manufacturer, and Huaxin (Hong Kong) International Holdings Limited.
Under the agreement signed last month, Huaxin acquired 59.58 per cent the share capital of publicly traded Oman Cement for a consideration estimated at $193.1 million (subject to adjustment by the buyer after completion of the deal to account for net cash and working capital levels).
The buyer, Huaxin, has assigned its ownership right to Abra Holdings Limited, its wholly owned subsidiary incorporated in the Republic of Mauritius, in accordance with the agreement, Oman Cement added in a regulatory filing on Thursday.
Following the conclusion of the Sale Purchase Agreement, the Board of Oman Cement also named Li Yeqing and Ian Riley as temporary board members pending their approval at the company’s next Ordinary General Meeting.
Yeqing is CEO, Secretary of the Party Committee, and senior engineer at Huaxin Group Co, Ltd. He also serves as Vice Chairman of China Building Materials Federation and China Cement Association, Chairman of Hubei Building Materials Federation. Ian Riley is CEO of the World Cement Association. Prior to this, he held various positions such as executive director of Tianqiao International (Shanghai) Consulting Company, President of Asilinko Information Technology (Shanghai), General Manager of SIP (Shanghai), and also head of Holcim Group's China region.