RAYSUT-CEMENT
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
AppLogic Networks Announces Strategic Rollout of Industry-First, Comprehensive 400GE Networking Enablement Across Virtual and Appliance-Based Network Domains to Meet Explosive Data Growth8.7.2025 15:00:00 CEST | Press release
Innovative solution represents cost-efficient, streamlined offering with multiple deployment options, catering to both physical networking appliances and virtual infrastructure, while delivering superior performanceEnables Tier 1 and Tier 2 fixed and mobile network operators to accelerate deployment, simplify maintenance, and scale without the need for massive infrastructure investment AppLogic Networks, a leader in application classification and high-performance software-based networking solutions, today announced a significant expansion of its portfolio to support 400 Gigabit Ethernet (400GE) across both traditional appliance-based and virtual infrastructure domains. This move comes as telecom and service providers worldwide face unprecedented growth in network traffic, fueled by 4K/8K streaming, cloud gaming, AI workloads, and IoT proliferation. As part of this expansion, AppLogic Networks now offers comprehensive 400GE enablement and interoperability in its flagship data plane plat
Boyd Unveils a High-Capacity Coolant Distribution Unit with a 2.3 Megawatt Capacity for AI Liquid Cooling Applications8.7.2025 14:05:00 CEST | Press release
Boyd’s ROL2300 Coolant Distribution Unit Efficiently and Reliably Cools Modern High Power AI Processors in Hyperscaler, Colocation, and Enterprise Data Centers Today, Boyd announces a significant expansion of its liquid cooling product portfolio with a new high-capacity coolant distribution unit (CDU). Boyd’s new ROL2300 is a liquid-to-liquid in row system that enables high performance cooling for modern AI processor applications and is immediately available to purchase in volume. To learn more about the ROL2300, watch the video here. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250708530818/en/ Boyd's high capacity ROL2300 in row coolant distribution unit (CDU) efficiently and reliably cools modern high power AI processors in hyperscale, colocation, and enterprise data centers with up to a 2.3 megawatt capacity. A single ROL2300 can efficiently cool over 10 NVL72 racks. It is optimized to easily fit in data center server
Breakthrough in Ophthalmology! Hengrui’s Heng Qin® (Perfluorohexyloctane Eye Drops) Approved as First Treatment for Dry Eye Disease Associated with MGD8.7.2025 14:00:00 CEST | Press release
Jiangsu Hengrui Pharmaceuticals Co., Ltd. (“Hengrui Pharma”), a global pharmaceutical company focused on scientific and technological innovation, and Novaliq GmbH (“Novaliq”), a biopharmaceutical company focusing on first- and best-in-class ocular therapeutics based on the unique EyeSol® water-free technology, announce today that the China National Medical Products Administration (NMPA) has approved Heng Qin® (Perfluorohexyloctane Eye Drops) for the treatment of dry eye disease (DED) associated with Meibomian gland dysfunction (MGD). Heng Qin® is the first and only drug approved to treat DED associated with MGD and will be available to patients in China in the coming months. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250708514269/en/ Heng Qin® is the first and only drug approved to treat DED associated with MGD and will be available to patients in China in the coming months. According to the Chinese Expert Consensus on M
Esri Launches New E-Commerce Experience for Demographic Data8.7.2025 14:00:00 CEST | Press release
Organizations Can Purchase Updated, Authoritative Datasets Ranging from Census to Retail Demand To further provide individuals and organizations with the authoritative demographic data they need, Esri, the global leader in geographic information system (GIS) technology, has launched a new e-commerce experience for data in the Esri Store. A one-stop shop for enhanced, reliable information relating to people and geography, Esri’s location data store is designed to make these resources more accessible for users that rely on spatial data. “We are thrilled to launch our new e-commerce experience, making it easier than ever for customers to access the data they need to make better decisions,” said Rob Elkins, Esri director of product management. “Organizations will have access to current-year and five-year estimates for more than 2,000 demographic and socioeconomic characteristics in the US, as well as census and American Community Survey (ACS) information, consumer spending trends, market p
Vanderbilt Selects Parse Biosciences GigaLab to Generate Atlas of Early Neutralizing Antibodies to Measles, Mumps, and Rubella8.7.2025 14:00:00 CEST | Press release
Researchers aim to discover dominant subtypes of plasmablasts initiating from the MMR vaccine in order to develop neutralizing antibody candidate therapies The Vanderbilt University Medical Center and Parse Biosciences today announced a strategic collaboration to generate a single cell atlas focused on understanding the diversity of plasmablasts – early immune cell clonotypes critical in the formation of neutralizing antibodies – for measles, mumps and rubella. This effort aims to build the most comprehensive understanding of the formation of neutralizing antibodies to the vaccine and to identify the dominant and effective antibodies to these infectious agents. Dr. James Crowe, Director of Vanderbilt's Center for Antibody Therapeutics, will lead the development of the large-scale immune cell study. “This collaboration enables us to create the largest single cell atlas of neutralizing plasmablasts ever assembled,” states Crowe. “By sequencing and mapping tens of millions of B cell recep
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