Maldives: Oman-based Raysut Cement has announced that it is seeking a 75% stake in a cement terminal in the Maldives, as part of its long-term global expansion strategy.
In a disclosure filed with the Muscat Securities Market (MSM) in Oman, Raysut stated, “Raysut Cement Company wishes to inform that it is in discussions with Cementia AG of Zurich to acquire its 75% shareholding in LH Maldives Ltd, a cement terminal located at Thilafushi Island, Maldives.” Both Cementia and LH Maldives are controlled by LafargeHolcim.
Raysut Cement is also constructing a 1.0Mt/yr cement grinding plant in collaboration with MSG Group in Somaliland, internationally recognised as an autonomous region of Somalia. In September 2019 Raysut signed an agreement to set up a 1.0Mt/yr grinding plant in Duqm, Oman and is also setting up a US$200m integrated cement plant in Georgia via its UAE-based subsidiary Pioneer Cement.