Omani private equity firm Al Anwar Holdings has entered into a shareholders' agreement with Hormozgan Cement Co of Iran to establish Hormuz Al Anwar Cement SAOC for the construction of a greenfield grinding plant in the port town of Duqm, Oman.
The new facility will has a slated capacity of 0.6-1Mta and is expected to involve an investment of OMR10.5m (US$27.3m), according to a disclosure statement posted on the Muscat Securities Market website and reported by the Times of Oman.
“This is a strategic investment for Al Anwar in the industrial sector in Oman and we expect to create value for shareholders in the long term from the investment,” the statement said.
Commissioning of the project is subject to approval from the relevant regulatory authorities and required funding from banking institutions in Oman, the article added.
