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FINANCIAL NEWS
Raysut to buy UAE Pioneer Cement
22 Dec 2010
(MENAFN) Mohammed Ahmed Al Dheeb, Chief Executive Officer of Raysut Cement Company (RCC), the biggest Omani cement producer, announced that the deal of buying UAE’s Pioneer Cement will be finalized by the end of 2010, reported Oman Times.
He said that previous delay was due to formalities that once the company is done with, acquisition of the UAE based company will be completed. Pioneer Cement is located in Ras Al Khaimah and has the capacity for producing 1.6 million tons of cement a year.
Al Dheeb did not announce the specific funding entities; however, he said the project would be funded through commercial borrowing.
It is worth noting that Pioneer Cement was originally established by both India�s Penna Cement and Ras Al Khaimah Investment Authority (RAKIA) in 2006 at a total cost of $108.9 million.
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