Displaying items by tag: Raysut Cement

Oman: CMO Asia International Consulting has twice decorated Oman’s Raysut Cement at its first Oman Leadership Awards. Raysut won ‘Best Company for Socially Responsible Practice’ and ‘Best Cement Trading Brand.’

Oman: Bank Nizwa has granted US$50.7m to Raysut Cement, the country’s largest cement producer, as part of its commitment to national economic diversification.

Oman: Raysut Cement’s revenue fell by 5% year-on-year to US$108m in the first half of 2019 from US$114m in the same period in 2018. Its profit after tax dropped by 27% to US$1.3m from US$1.8m.

Somaliland: Oman’s Raysut Cement has agreed to build a 1Mt/yr grinding plant with MSG Group. The project will have an investment of US$40m. Raysut Cement will own 55% of the joint venture with MSG Group holding the remainder. Raysut Cement previously had plans to build a cement terminal in the country with Barwaaqo Cement Company.

Oman: Resolve Marine Group (RMG) says it has completed the wreck removal of the bulk cement carrier MV Raysut II. The ship was grounded on Fazayah Beach in May 2018 due to poor weather. The location is home to several endangered species of sea turtle which nest there and RMG worked to remove the ship without causing environmental damage.

At the time of its grounding the vessel held around 6750t of cement. After attempts to refloat the ship failed it was declared a constructive total loss. In November 2018 RMG was awarded the contract to remove the ship and its cargo. It was partially repaired and refloated with its cargo onboard in February 2019. It was then towed to the Port of Salalah where the cargo was discharged and the ship was recycled.

Kenya: ARM Cement has signed a deal to sell its business in Kenya to the National Cement Company for US$50m. The transaction is subject to customary regulatory approvals, according to the Business Standard newspaper. ARM Cement also has operations in Tanzania, Rwanda and some interests, in the form of unexploited mineral deposits, in South Africa.

“This transaction is in line with National Cement’s growth strategy in Kenya to position itself as the leading cement manufacturer in the region. The industry is poised for growth and we are excited about the prospects for this next chapter of our business. We will endeavor to safeguard the interests of all stakeholders including the employees, customers, and suppliers in the overall interest of Kenya,” said Narendra Raval, chairman of National Cement.

The cement producer was placed under administration in August 2018. In late 2018 Oman’s Raysut Cement said it planned to buy ARM Cement as part of its expansion plans. Nigeria’s Dangote Cement was also linked to a potential purchase of the company.

Oman: Raysut Cement Company has signed an agreement to buy Sohar Cement for US$60m. The transfer of ownership for all the shares in the company was completed in mid-May 2019, according to the Oman Daily Observer newspaper. Sohar Cement held a 70% stake in a 1.7Mt/yr grinding plant and UAE-based Fujairah Cement Company owned the rest of the shares.

Oman: Raysut Cement has confirmed its plans to buy a 1.7Mt/yr grinding plant owned by Sohar Cement based in Sohar. The acquisition also includes purchasing the company’s distribution network, according to the Oman Daily Observer newspaper. Sohar Cement holds a 70% stake in the business, with UAE-based Fujairah Cement Company owning the remaining share.

Oman: Raysut Cement’s sales revenue rose by 27% year-on-year to US$236m in 2018 from US$187m in 2017. However, its operating profit fell by 85% to US$7.02m from US$17.5m. It blamed this on lower prices due to imports from the UAE, higher packaging costs, higher shipping costs and other general costs. Its cement sales volumes increased by 13% to 3.33Mt from 2.94Mt. The cement producer noted that excess production capacity in the UAE reduced prices in that country as well as in northern Oman.

Kenya: ARM Cement has extended its bidding period to mid-march 2019 following requests by potential buyers. Administrator PricewaterhouseCoopers (PwC), which took over the cement producer in August 2018, originally set the deadline to the end of February 2019, according to the Business Daily newspaper. Bidders have asked for a longer period to complete due diligence tests and decide what they think the value of the company is.

14 companies have already made non-binding bids for the cement producer. These will later be shortlisted before a winning bidder is selected. No bidders have publicly been announced but Nigeria’s Dangote Cement and Oman’s Raysut Cement are believed to be interested, according to local media.