Oman Cement Company has approved the appointment of Zhu Yaping, a high-ranking executive of its majority shareholder Huaxin (Hong Kong) International Holdings, as the new CEO of the company with immediate effect. It follows the retirement of Salim Abdullah al Hajri as the CEO, the publicly listed company said in a regulatory filing on Thursday.
Yaping has been described as a highly experienced professional in the cement industry, with more than 30 years of experience and a distinguished academic background. He has held various management positions, including corporate maintenance manager and General Manager of Huaxin Maintenance Company.
Prior to his appointment as CEO of Oman Cement Company, Yaping served as the head of Cement Industrial Performance, where he focused on building an Industrial Performance Driving & Supporting System.
Last month, Oman Cement confirmed the successful completion of a share purchase agreement between The Investment Authority Company SPC (representing the Omani government’s stake in the cement manufacturer), and Huaxin (Hong Kong) International Holdings Limited.
Under an agreement, Huaxin acquired 59.58 per cent the share capital of 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.