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Raysut Cement eyes acquisition of stake in Maldives cement terminal

Raysut Cement Company, the Sultanate’s largest cement manufacturer, has revealed that it is in discussions with Cementia AG of Switzerland for the acquisition of their 75 per cent shareholding in LH Maldives Ltd, a cement terminal located in Thilafushi Island, Maldives.

“The Board of Directors of Raysut Cement Company SAOG has provided their in-principle approval for this acquisition subject to final terms,” said Ghose Jotimoy Pratul Krishna, CEO, in a filing to the Capital Market Authority (CMA).

It is the latest in a string of new investments planned by the Omani cement company as it seeks to grow its domestic and regional footprints.

Last October, the publicly listed company announced that its wholly-owned UAE-based subsidiary, Pioneer Cement, aims to set up a major integrated cement plant in Tbilisi, the capital of Georgia. The proposed venture will be designed with a capacity of 1.2 million tons per annum.

Earlier, Raysut Cement said it plans to set up a cement grinding unit in the Special Economic Zone (SEZ) at Duqm with an investment of around $30 million. The 1m tons per annum capacity plant will support the zone’s substantive requirement for cement and concrete as mega industrial and infrastructure materialise in the coming years.

And in July last year, Raysut Cement announced a partnership with MSG Group of Companies, a business-housed based in Somaliland, for the establishment of a major cement grinding plant at Berbera in Somaliland in the Horn of Africa.

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