Raysut receives offer for its share in Oman Portuguese Cement Products

Raysut Cement has received an offer for its share in Oman Portuguese Cement Products from a local company, the producer disclosed in a filing to the Muscat Securities Market on Monday.

As part of a diversification strategy, in 2001 Raysut moved into ready-mix concrete and other cement products through its 50 per cent ownership in Oman Portuguese Cement.

"We would like to inform our shareholders that Raysut Cement Co SAOG has received an offer from one of the local companies to buy the share of Raysut Cement Co SAOG in Oman Portuguese Cement products LLC," Mohammed Ahmed Omar Aideed, acting CEO of Raysut said. No further details of the offer were disclosed.

Raysut Cement has also recently entered into a joint venture with Oman Cement and under the name Al Wusta Cement Company. The new firm is studying proposals to establish a new plant in the Duqm Special Economic Zone.