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
AMINA Becomes First Regulated Bank on 21X, Europe’s First Fully Regulated DLT Trading and Settlement Venue9.3.2026 08:30:00 CET | Press release
Along with Tokeny, the combined tokenisation suite creates a complete tokenisation infrastructure, from regulated custody to onchain trading and settlement AMINA Bank AG (“AMINA”), a Swiss Financial Market Supervisory Authority (FINMA)-regulated crypto bank with global reach, today announces it has become a listing sponsor on 21X, the first fully regulated distributed ledger technology trading and settlement system (DLT TSS) in the European Union. AMINA is the first regulated bank to join the 21X ecosystem as a listing sponsor. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260309758719/en/ AMINA, 21X and Tokeny partner for end-to-end solution Combined with AMINA’s existing collaboration with Tokeny for onchain asset issuance, the partnership creates a complete tokenisation infrastructure that addresses a major constraint of institutional adoption: the absence of an end-to-end pathway connecting regulated traditional asset c
GigaDevice Strengthens Global Presence at Embedded World 2026, Showcasing System-Level Innovations for Humanoid Robotics, Industry, and Edge AI9.3.2026 08:00:00 CET | Press release
Wide range of demonstrations on display at Hall 5, 5-129 throughout the March 10-12 show GigaDevice, a leading semiconductor company specializing in Flash memory, 32-bit microcontrollers (MCUs), sensors, and analog products, today announced its participation at Embedded World 2026 (Hall 5, Booth 5-129), with the strong presence at the show demonstrating the company’s commitment to the global market and the strategic emphasis that it has placed on the EMEA region, reinforcing its ambition to empower customers with advanced embedded solutions. “Embedded World is a cornerstone of our global engagement strategy,” said Dr. Reiner Jumpertz, GigaDevice VP and General Manager in the EMEA region. “This year, we are not only showcasing our technical excellence but also highlighting our evolution into a system-level enabler, a trusted partner that supports customers in building smarter, more connected applications.” “By combining our high-performance GD32 MCUs, industry-proven Flash memory, and a
Galderma Introduces Cetaphil AM/PM Antioxidant Serums, a New Science-Driven Defense and Recovery System for Sensitive Skin9.3.2026 07:00:00 CET | Press release
Cetaphil’s new AM/PM Serums are powered by unique Gallic-AOX Power™ Technology, a patent-pending antioxidant complex clinically designed to sync to your skin’s circadian rhythm and support skin resilience Delivers advanced antioxidant protection by day1 and accelerated repair by night, with visible results in as little as 7 days2 In global testing, Gallic Acid demonstrated 2x greater antioxidant efficacy than Vitamin C3 Co-developed with dermatologists and rigorously tested for sensitive skin to deliver high performance without compromising tolerance Galderma (SIX: GALD) today announced Cetaphil, the dermatologist-recommended brand trusted by millions with sensitive skin, is launching its new Cetaphil AM/PM Antioxidant Serums, a breakthrough daily system clinically designed to defend skin by day and support accelerated repair by night for sensitive, stressed skin. While antioxidant serums are a cornerstone of modern skincare, the category has largely been developed without sensitive sk
Report: GCs Say They Are Bullish on Europe9.3.2026 07:00:00 CET | Press release
ADVANT research underscores opportunity amid political and economic headwinds, but challenges remain Business confidence around prospects for investment and growth in Europe is riding high despite recent economic and geopolitical challenges, according to new research among GCs across Europe and the U.S. For its report released today – Europe’s Opportunity Outlook – European law firm association ADVANT surveyed or interviewed more than 800 GCs in France, Germany, Italy and the United States, and found thatfour out of five (82%) GCs said their company views continental Europe as attractive for corporate investment and commercial growth. Meanwhile, two-thirds (66%) report their organization has made Europe more of a priority in light of recent geopolitical and regulatory risks. Looking further ahead, a significant majority (83%) believe their organization is likely or very likely to expand or invest further within existing European markets in the next three to five years. A similar propor
Xsolla Celebrates International Women’s Day by Spotlighting Women in Games and Advancing Its Vision for Female Leadership8.3.2026 14:00:00 CET | Press release
Accelerating Representation, Influence, And Leadership For Women Across The Gaming Industry Xsolla, a global video game commerce company that helps developers launch, grow, and monetize their games, today reaffirmed its ongoing commitment to supporting women across the global gaming ecosystem through curated community initiatives, industry events, and thought leadership platforms in key growth markets, including Türkiye, Dubai, and Cyprus. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260308595758/en/ Graphic: Xsolla As the gaming industry continues to expand across emerging and high-growth markets, Xsolla is focused on empowering developers globally, including fostering a more inclusive ecosystem that gives women founders, studio leaders, publishers, and entrepreneurs greater access to visibility, networks, and opportunities. Through a series of targeted industry gatherings and community-led discussions, Xsolla has activel
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