Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Companies

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors

Raysut Maldives Cement JV Formed; Acquisition of LafargeHolcim Stake Completed

share with twitter share with LinkedIn share with facebook
10/18/2020 | 08:33am EDT

75 % takeover of cement terminal at Thilafushi Island to increase market presence in the Indian Ocean country

Oman’s largest cement manufacturer, Raysut Cement Company (RCC), said it has closed the deal of acquiring 75 per cent of LafargeHolcim’s cement terminal at Thilafushi Island in Maldives, and a new joint venture - Raysut Maldives Cement Pvt. Ltd. – has been formed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201018005037/en/

Raysut factory (Photo: AETOSWire)

Raysut factory (Photo: AETOSWire)

The new entity with State Trading Organization (STO) of Maldives owning 25 per cent has plans to expand the terminal’s capacity, currently 75,000 tons per annum, by more than 100 per cent in future to over 200,000 tons per annum.

This acquisition opens a corridor of trade between Oman and Maldives not only in the cement industry with Raysut Cement but also in other areas which will benefit both economies. Raysut cement are proud to have opened this new economic relationship.

“The Maldives acquisition will boost Raysut’s profitability and production to full capacity, particularly of its plant in State of Salalah in Sultanate of Oman. Raysut Cement Company this year faced 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.

The terminal will be owned and operated by the RCC-STO joint venture.

The takeover of the terminal in the Indian Ocean country marks a new phase for the Muscat Stock Market listed Raysut since it will be adding a new geography to its strategic global investment plan.

“Our foray into Maldives will help drive self-sufficiency of cement in Maldives, which currently is predominantly an import market. Raysut is looking at adding local value in Maldives by installing production facilities to ensure there is at least 40% local content. This will also make the market more competitive from a price point which will have its positive impact on infrastructure development in the island nation,” said RCC GCEO, Mr. Joey Ghose.

“This is a milestone investment for Raysut since the cement major will be pitching into a market supplied currently by other players from South Asia. It is also a significant move reinforcing its strategy to diversify from only being a South Oman based player to grow into a global player in the cement industry. RCC in Maldives will be competing with cement players from India, Indonesia and Malaysia,” said Acting Deputy Group CEO, Mr. Salim Ahmed Alawi Al Ibrahim.

“The acquisition followed by the formation of the new JV will cement Raysut’s position further as an emerging global cement player with significant overseas presence in markets of Middle East and East Africa,” said RCC GCEO, Mr. Joey Ghose.

He said Maldives investment is in line with the corporate strategy of Raysut to expand its footprint globally and be a partner in developing countries where it will invest with established local partners.

*Source: AETOSWire

© Business Wire 2020

share with twitter share with LinkedIn share with facebook
Latest news "Companies"
05:58aGold dips on stronger dollar; coronavirus concerns cap losses
RE
05:58aTRX : ģ Expands Commercial Business Footprint With Launch Of TRX : Elite™
PR
05:55aHigh yield of maize for grain (10.4 t/ha) and for silage (51.3 t/ha) expected
PU
05:55aSOITEC : reports FY'21 first quarter revenues
PU
05:55aPORR : Contract to build the Pfons-Brenner lot remains valid
PU
05:54aStock Futures Point to Sharp Selloff on Rising Virus Cases
DJ
05:53aYORK TRADITIONS BANK : Reports Third Quarter 2020 Earnings
PR
05:52aHeineken to 'Streamline' Offices as It Prepares for Volatility Ahead -- Update
DJ
05:51aBOYD GAMING : IP Awarded Multiple Jackpots of $10,000 or More This Fall
AQ
05:50aUNITED PARCEL SERVICE : UPS 3rd Quarter 2020 Press Release Financial Tables
PU
Latest news "Companies"