Oman’s Raysut Cement eyes expansion

25 Oct 2010

(MENAFN) The Chief Financial Officer of Raysut Cement Co, Oman’s largest cement producer by market value, said that the company is holding acquisition talks with several companies and expects to reach an agreement within a month, Reuters reported.

Although the official declined to provide any additional details on target companies or the expected value of a deal, analysts say the company is looking for an acquisition with a potential value of between $150 million to $200 million and have cited Ras Al Khaimah Cement (RAK Cement) as a likely candidate.

In February, Raysut said it was planning a bid to buy the Star Cement Group of Companies but the deal was ultimately clinched by India’s UltraTech Cement.

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