Companies

Oman’s Raysut Cement closes acquisition of 75 per cent stake in LafargeHolcim’s Maldives cement terminal

Our Bureau Mumbai | Updated on October 25, 2020 Published on October 25, 2020

The company said this was a strategic acquisition of an emerging company with an aim to drive synergies across businesses   -  Getty Images/iStockphoto

Raysut Cement Company (RCC), Oman’s largest cement manufacturer, has completed the acquisition of 75 per cent stake in LafargeHolcim’s cement terminal at Thilafushi Island in Maldives.

The company has also formed a new joint venture – Raysut Maldives Cement Pvt Ltd – with the State Trading Organisation (STO) of the Maldives. RCC owns 75 per cent in the new entity and 25 per cent is owned by STO.

The new entity plans to expand the terminal’s capacity, currently 75,000 tonnes per annum (TPA), by more than 100 per cent to over 200,000 TPA.

“The Maldives acquisition will boost RCC’s profitability and production to full capacity, particularly of its plant in Salalah in the Sultanate of Oman. RCC this year faced tough economic conditions, including the economic conditions that resulted from the global spread of Covid-19,” said Sheikh Ahmed Yousef Alawi Al Ibrahim, Chairman of RCC Group.

Also Read: Oman’s Raysut Cement to invest $700 m in India; earmarks $200 m for two acquisitions

Also Read: Oman’s Raysut Cement to invest $200 m to set up facility in Georgia

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Published on October 25, 2020
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