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Raysut Cement to Acquire Pioneer Cement

World Cement,

Raysut Cement, Oman’s largest cement producer by market value, will purchase Pioneer Cement Industries in the UAE. The announcement was made in a statement on the Omani bourse on Thursday 28 October. The company’s chief financial officer, Samidh Mukhopadhyay in a recent conversation with Reuters said that the company had been holding acquisition talks with several companies and was expecting a deal within a month.

The Raysut statement said, “This project will serve the strategies and goals of the company and will add more value to the shareholders and investors of the company”. No details of the size of the deal have been issued. Pioneer Cement Industries is based in Ras al-Khaimah.

Raysut said last week that its nine month profit before tax was 19.03 million Omani rials (US$49.42 million), down from 24.2 million rials a year ago.

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