Huaxin acquires majority stake in Oman Cement

Oman Cement Company SAOG has confirmed the successful completion of a share purchase agreement between The Investment Authority Company SPC (representing the government’s stake in the cement manufacturer), and Huaxin (Hong Kong) International Holdings Limited.

Under the agreement signed last month, Huaxin acquired 59.58 per cent the share capital of publicly traded Oman Cement for a consideration estimated at USD193.1m.

The buyer, Huaxin, has assigned its ownership right to Abra Holdings Limited, its wholly owned subsidiary incorporated in the Republic of Mauritius.

Following the conclusion of the Sale Purchase Agreement, the Board of Oman Cement also named Li Yeqing and Ian Riley as temporary board members pending their approval at the company’s next Ordinary General Meeting.