RAYSUT-CEMENT
18.10.2020 13:34:05 CEST | Business Wire | Press release
Oman’s largest cement manufacturer, Raysut Cement Company (RCC), said it has closed the deal of acquiring 75 per cent of LafargeHolcim’s cement terminal at Thilafushi Island in Maldives, and a new joint venture - Raysut Maldives Cement Pvt. Ltd. – has been formed.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201018005037/en/
The new entity with State Trading Organization (STO) of Maldives owning 25 per cent has plans to expand the terminal’s capacity, currently 75,000 tons per annum, by more than 100 per cent in future to over 200,000 tons per annum.
This acquisition opens a corridor of trade between Oman and Maldives not only in the cement industry with Raysut Cement but also in other areas which will benefit both economies. Raysut cement are proud to have opened this new economic relationship.
“The Maldives acquisition will boost Raysut’s profitability and production to full capacity, particularly of its plant in State of Salalah in Sultanate of Oman. Raysut Cement Company this year faced economic conditions, including the economic conditions that resulted from the global spread of Covid-19,” said Sheikh Ahmed Yousef Alawi Al Ibrahim, Chairman of RCC Group.
The terminal will be owned and operated by the RCC-STO joint venture.
The takeover of the terminal in the Indian Ocean country marks a new phase for the Muscat Stock Market listed Raysut since it will be adding a new geography to its strategic global investment plan.
“Our foray into Maldives will help drive self-sufficiency of cement in Maldives, which currently is predominantly an import market. Raysut is looking at adding local value in Maldives by installing production facilities to ensure there is at least 40% local content. This will also make the market more competitive from a price point which will have its positive impact on infrastructure development in the island nation,” said RCC GCEO, Mr. Joey Ghose.
“This is a milestone investment for Raysut since the cement major will be pitching into a market supplied currently by other players from South Asia. It is also a significant move reinforcing its strategy to diversify from only being a South Oman based player to grow into a global player in the cement industry. RCC in Maldives will be competing with cement players from India, Indonesia and Malaysia,” said Acting Deputy Group CEO, Mr. Salim Ahmed Alawi Al Ibrahim.
“The acquisition followed by the formation of the new JV will cement Raysut’s position further as an emerging global cement player with significant overseas presence in markets of Middle East and East Africa,” said RCC GCEO, Mr. Joey Ghose.
He said Maldives investment is in line with the corporate strategy of Raysut to expand its footprint globally and be a partner in developing countries where it will invest with established local partners.
*Source: AETOSWire
View source version on businesswire.com: https://www.businesswire.com/news/home/20201018005037/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
PubNub Achieves SOC 3 Compliance, Reinforcing Commitment to Security, Trust, and Transparency5.2.2026 14:00:00 CET | Press release
PubNub, the real-time communications platform that powers low-latency, event-driven logic across modern application architectures, is pleased to announce that it has achieved SOC 3 compliance. This latest attestation highlights PubNub’s continuous dedication to providing a secure and trusted platform for building and scaling interactive online experiences. The SOC 3 report affirms that PubNub’s systems meet the Trust Services Criteria for security, availability, and confidentiality. Unlike SOC 2 reports, which are restricted to existing customers or partners due to the level of operational detail they include, SOC 3 reports are designed for broad, public distribution. This transparency enables anyone to verify that PubNub adheres to the stringent controls required by the SOC 2 framework, providing proof of robust information security and operational integrity. This achievement adds to PubNub’s extensive compliance portfolio, which includes SOC 2 Type 2, ISO/IEC 27001:2022, HIPAA, and G
Visby Medical Collaborates with Watchmaker Genomics to Enhance Respiratory Pathogen Detection in the At-Home Setting5.2.2026 14:00:00 CET | Press release
Visby Medical, a leading innovator in at-home PCR testing of infectious diseases, has announced a strategic collaboration with Watchmaker Genomics, a supplier of innovative products for molecular analysis, to develop next-generation diagnostic tests for respiratory pathogen detection in the at-home setting. This partnership pairs Visby Medical’s instrument-free PCR testing technology – the first and only of its kind – with Watchmaker’s expertise in engineering enzymes to address application-specific performance gaps. Clinical samples collected from patients for at-home testing are typically unprocessed, making them vulnerable to molecular inhibitors that can reduce signal strength and lower assay sensitivity. The need for rapid results in the at-home setting also places unique performance demands on the assays and the enzymes they rely on. “Recent increases in COVID cases involving new strains and the current flu season highlight the need for tests that are reliable and fast,” explaine
Veracode Closes Record Year of Growth and Innovation Amid Surging Demand for Application Risk Management5.2.2026 13:50:00 CET | Press release
Veracode, the global leader in application risk management, today announced a year of significant corporate momentum, product innovation, and customer growth throughout 2025. The company delivered strong performance in the final quarter of 2025, with new Annual Contract Value (ACV) increasing 81 percent year-over-year, underscoring sustained market traction and rising demand for its solutions. Veracode’s strong performance was fueled by growing demand for application risk management as organizations navigated the dual pressures of rapid AI adoption and increasingly complex software supply chains. Security and development teams are now prioritizing comprehensive platforms that deliver visibility, control, and compliance across application ecosystems, helping them meet evolving regulatory requirements and manage modern development risks. “We closed 2025 with an exceptional finish, and this is a direct result of our unwavering commitment to customer success,” said Brian Roche, Chief Execu
Kinaxis Introduces Maestro Agent Studio, Unlocking Next Level Decision Making Through Composable AI Agents5.2.2026 13:01:00 CET | Press release
These composable AI agents reflect how supply chains actually operate Kinaxis® Inc. (TSX: KXS), the leader in supply chain orchestration, today announced Maestro Agent Studio, making the next phase of its AI agent strategy available to customers following the launch of prebuilt Maestro Agents. Maestro Agent Studio gives supply chain teams a no-code way to compose AI agents grounded in their real operating context, using the same data, workflows, and tools planners already rely on, so agents drive real-world outcomes. Built into the Kinaxis Maestro® platform, Maestro Agent Studio enables supply chain teams and leaders to apply their expertise across every day and high-impact supply chain decisions without relying on manual, repetitive tasks or custom code development. Maestro Agent Studio is designed to work with leading large language models, including OpenAI’s GPT and Google Gemini, while keeping agent behavior anchored in Maestro’s trusted data, intelligence, and governance. The real
Introducing RAVE Aerospace: A New Name, Built on a Legacy of In-Flight Innovation5.2.2026 13:00:00 CET | Press release
Kingswood Capital Management completes acquisition of Safran Passenger Innovations and unveils the new RAVE Aerospace name, reflecting the company’s strong heritage of innovation and positioning it for the next phase of growth For nearly two decades, RAVE has been a trusted name in in-flight entertainment and connectivity for customers around the world. Today, that heritage continues under a new company name: RAVE Aerospace. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260205748681/en/ Kingswood Capital Management, LP (together with its affiliates, “Kingswood”) has completed its acquisition of Safran Passenger Innovations (“SPI”), a leading global provider of in-flight entertainment and connectivity solutions, from Safran, an international aerospace group. As part of the transaction, SPI has been renamed as RAVE Aerospace, which will continue to build on the established RAVE brand that has powered in-flight entertainment a
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom