Raysut Cement to buy UAE’s Pioneers

28 Oct 2010

(MENAFN) Raysut Cement, Oman’s largest cement producer by market value, said in a statement that it has agreed to buy the United Arab Emirates’ Pioneer Cement Industries, Reuters reported.

Raysut’s chief financial officer said earlier this week that the company was holding acquisition talks with several companies and was expecting to reach a deal within a month.

The company did not give details of the size of the deal. Pioneer Cement Industries is based in Ras Al-Khaimah, a northern emirate in the UAE.

Analysts had previously said Raysut was looking for an acquisition with a potential value of between $150 million and $200 million and had cited Ras Al Khaimah Cement (RAK Cement) as a likely candidate.

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