Raysut Cement will own 55% of the plant, with MSG Group set to own the remaining 45%
Muscat Securities Market-listed Raysut Cement has revealed plans to establish a cement grinding unit in Berbera, Somaliland, in partnership with MSG Group, worth $40m (OMR15.4m).
In a bourse missive undersigned by plant manager, Konstantinos Kouklidis, Raysut Cement said it would own 55% of the unit, which will have an annual capacity of 907,185 tonnes (t).
The remaining 45% will be held by MSG Group.
May 2019 saw Raysut Cement close a $60m (OMR23m) 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 (OMR71.8m), the company stated in its stock market disclosure.