Muscat, Oman, 07 July, 2019 – Raysut Cement, company based in Oman, is planning to set up a joint venture (JV) cement grinding plant in Berbera, Somaliland with an estimated project cost of US$40mn.
‘Raysut Cement and MSG Group of Companies Limited have agreed to establish a cement grinding unit in Somaliland with a production capacity of 1 million tonnes of cement per annum,’ Raysut Cement said in a disclosure filed to the Muscat Securities Market.
It said, “The estimated project cost is about US$40mn whereas Raysut Cement’s share is 55 per cent of the share capital and MSG’s share is 45 per cent.’
The company added that it will provide additional information related to this project later.
In May 2019 saw Raysut Cement close a $60m deal to buy UAE-based Fujairah Cement Industries’ stake in Sohar Cement Co.
Through the acquisition, the Omani building materials company’s annual local production capacity will reach four million tonnes.
Raysut Cement’s revenues grew by 26.6% in 2018, with earnings of $236.3m (OMR91m) – a significant surge over 2017’s corresponding figures of $186.4m, the company stated in its stock market disclosure.
SOURCE: Muscat Daily