Raysut Cement to sell its stake in Oman Portuguese Cement Products

raysut-cement-3q16-financial-results_Raysut Cement is planning to sell its entire stake in Sohar-based Oman Portuguese Cement Products Co to Opal Development Co,  says the company in its first quarter financial report.

Salalah-based Raysut Cement owns a 50 per cent shareholding in Oman Portuguese Cement from 2011.

An extraordinary general meeting (EGM) of Raysut Cement shareholders scheduled for July 25 is expected to discuss and approve the plan.

Earlier in May, Raysut Cement  had said that it received an offer from a local company to buy its share in Oman Portuguese Cement.

Established in 2008 at Sohar Industrial Estate, Oman Portuguese Cement produces a variety of cement-based products including readymix, precast concrete, blocks and interlock paving.

 


Leave a Reply