MUSCAT -- Raysut Cement Company(SAOG), the Sultanate's largest cement manufacturer, says it plans to bid for the Star Cement Group of Companies, which has interests in cement producing and packaging facilities in a number of countries in the Middle East and Africa. The announcement came in a notification to the Muscat Securities Market (MSM) yesterday.
"We would like to point out that after extensive discussions that took place among the Directors on the subject, the Board of Directors of Raysut Cement Company agreed to enter into a bid to acquire and own Star Cement Group of Companies and to submit a quotation in this regard," Mohammed Ahmed al Dheeb, Chief Executive Officer, Raysut Cement stated.
The Star Cement Group's assets include a clinker production facility in Ras al Khaimah, cement grinding plants in Abu Dhabi, Ajman, Bahrain, Yemen and Bangladesh, a terminal for the storage and packaging of cement in Sudan, and a precast factory in Abu Dhabi. Salalah-based Raysut Cement posted a net profit after tax of RO 28.482 million in initial unaudited financial results for the year ended on December 31, 2009, compared to earnings of RO 27.107 million for the previous year. The company achieved a turnover of RO 93.407 million during 2009, up from RO 89.056 million in 2008.
