Huaxin Cement to buy additional stake in Oman Cement

PHOTO

Huaxin Cement, one of China's leading cement manufacturers, has made a significant move to expand its global presence with the acquisition of a majority stake in Oman Cement. The company announced on Monday that it will purchase an additional stake of 5.08% in Oman Cement via the Muscat Stock Exchange.

The upcoming deal, planned to be filed on July 2 and subject to regulatory approvals and closing conditions, will result in Huaxin Cement holding a controlling stake of 64.66% in Oman Cement, solidifying its position in the Middle East market.

Earlier this year, Huaxin Cement completed its acquisition of a 59.58% stake in Oman Cement. It completed the transaction via Abra Holding Limited, a wholly-owned subsidiary incorporated in Mauritius. The estimated purchase price for the stake was $193.1 million.

Following the plan to buy additional stake, Huaxin also advised its shareholders that the final purchase price for 59.58% of the issued shares of Oman Cement stands revised, from $193.1 million, to $199.7 million or $0.986 per share.

Huaxin Cement's decision to acquire a majority stake in Oman Cement underscores its strategic intent to strengthen its foothold in the Middle East region. This move will enable Huaxin Cement to capitalise on the growing construction market in Oman and leverage Oman Cement's established market presence and expertise.