Al Anwar inks deal with Iranian firm to set up cement plant

Muscat - 

Al Anwar Holdings Co entered into a shareholders’ agreement with Iranian cement producer Hormozgan Cement Co (HCC) to set up a cement grinding unit in Duqm.

Both the companies will establish a new company Hormuz Al Anwar Cement SAOC with an objective to start a greenfield cement grinding unit in the Special Economic Zone at Duqm, according to a disclosure filed by Al Anwar Holdings to the Muscat Securities Market on Tuesday.

It said the capacity of the plant would be between 600,000 to 1mn tone per annum (TPA). Total investment for the project is expected to be RO10.5mn with an optimal mix of debt and equity.

‘This is an strategic investment for Al Anwar in the industrial sector in Oman and we expect to create value for shareholders in the long-term from the investment’, Al Anwar said.

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