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News Huaxin Cement to acquire Oman Cement

Huaxin Cement to acquire Oman Cement

Written by Global Cement staff 14 March 2023
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Oman: China-based Huaxin Cement has concluded a share purchase agreement with Omani sovereign wealth fund Oman Investment Authority (OIA) for the acquisition of a 60% stake in Oman Cement. ASDQ Financial News has reported the value of the deal as US$193m.

OIA director general of private ownership Ibrahim bin Said al Eisari said "This exit comes in accordance with a plan pursued by OIA aimed at achieving a number of goals, including attracting foreign investment to the sultanate. This will contribute to the development of operations at Oman Cement, increase the efficiency of its production lines and enhance its competitiveness locally and regionally, in addition to enhancing the positive image of the Omani industrial sector in general."

Last modified on 28 March 2023
Published in Global Cement News
Tagged under
  • Oman
  • Government
  • Oman Cement
  • Stake
  • Acquisition
  • investor
  • GCW599
  • China
  • Huaxin Cement

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