Displaying items by tag: Somaliland

Somaliland: MSG Group of Companies through its DIFC Dubai based subsidiary company Horn Holding Group ltd (HHG) has signed an agreement with Bedeschi SPA Italy for the construction of phase 1 of a full cement plant in Berbera, Somaliland. Phase 1, a grinding unit, will take about 18 months and will have production capacity of 0.7Mt/yr. The project has also achieved financing from reputed Italian Financial Institutions. The complete full plant project shall take three years to complete with a production capacity of 1.2Mt/yr of cement and 1.0Mt/yr of clinker.

This article replaces an earlier version that erroneously stated that Raysut Cement was also involved in the project. MSG Group and Global Cement would like to make it clear that MSG Group is the 100% owner of this project.

Kenya: The Competition Authority of Kenya has granted China-based Zou Fengqi and Oman-based Raysut Cement exemption from regulatory approval on a recent application in line with competition guidelines. The Business Daily newspaper has reported that the application stated that Zou Fengqi plans to acquire a 60% stake in Raysut Cement’s business in East Africa.

Raysut Cement operates grinding plants in Mogadishu, Somalia and Somaliland.

Maldives: Oman-based Raysut Cement has announced that it is seeking a 75% stake in a cement terminal in the Maldives, as part of its long-term global expansion strategy.

In a disclosure filed with the Muscat Securities Market (MSM) in Oman, Raysut stated, “Raysut Cement Company wishes to inform that it is in discussions with Cementia AG of Zurich to acquire its 75% shareholding in LH Maldives Ltd, a cement terminal located at Thilafushi Island, Maldives.” Both Cementia and LH Maldives are controlled by LafargeHolcim.

Raysut Cement is also constructing a 1.0Mt/yr cement grinding plant in collaboration with MSG Group in Somaliland, internationally recognised as an autonomous region of Somalia. In September 2019 Raysut signed an agreement to set up a 1.0Mt/yr grinding plant in Duqm, Oman and is also setting up a US$200m integrated cement plant in Georgia via its UAE-based subsidiary Pioneer Cement.