Raysut Cement to sell entire stake in Oman Portuguese to Opal Development

Muscat - 

Raysut Cement Co is planning to sell its entire stake in Oman Portuguese Cement Products Co to Opal Development Co LLC.

Raysut Cement owns a 50 per cent shareholding in Sohar-based Oman Portuguese Cement, according to the company’s first quarter financial report.

The company has invited its shareholders to attend an extraordinary general meeting (EGM) to discuss and approve the sale of Raysut Cement’s entire share in Oman Portuguese Cement to Opal Development Co LLC. The EGM shall be held on July 25, Salalah-based Raysut Cement said in a filing to the Muscat Securities Market on Wednesday.

Without naming Opal Development Co LLC, Raysut Cement earlier in May had said that it received an offer from a local company to buy the share of Raysut Cement in Oman Portuguese Cement. Raysut Cement had acquired 50 per cent ownership in Oman Portuguese Cement in 2011.

Established in 2008 and based in the Sohar Industrial Estate, Oman Portuguese Cement produces a variety of cement-based products including readymix, precast concrete, blocks and interlock paving.

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