{"id":4290,"date":"2020-10-18T19:01:49","date_gmt":"2020-10-18T19:01:49","guid":{"rendered":"http:\/\/maadhouze.com\/?p=4290"},"modified":"2020-10-18T19:01:49","modified_gmt":"2020-10-18T19:01:49","slug":"raysut-maldives-cement-jv-formed-acquisition-of-lafargeholcim-stake-completed","status":"publish","type":"post","link":"https:\/\/theblogonline.com\/?p=4290","title":{"rendered":"Raysut Maldives Cement JV Formed; Acquisition Of LafargeHolcim Stake Completed"},"content":{"rendered":"

Oman\u2019s largest cement manufacturer, Raysut Cement Company (RCC), said it has closed the deal of acquiring 75 per cent of LafargeHolcim\u2019s cement terminal at <\/span><\/span>Thilafushi<\/span><\/span>Island in Maldives, and a \u00a0new joint venture – Raysut Maldives Cement Pvt. Ltd. \u2013 has been formed.<\/span><\/span><\/p>\n

The new entity with State Trading Organization (STO) of Maldives owning 25 per cent has \u00a0plans to expand the terminal\u2019s capacity, currently 75,000 tons per annum, by more than 100 per cent in future to over 200,000 tons per annum.<\/span><\/span><\/p>\n

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 <\/span><\/span>are<\/span><\/span> proud to have opened this new economic relationship. \u00a0<\/span><\/span><\/p>\n

\u201cThe Maldives acquisition will boost <\/span><\/span>Raysut\u2019 s<\/span><\/span> profitability and production to full capaci<\/span><\/span>ty, particularly of its<\/span><\/span> plant in State of Salalah in Sultanate of Oman<\/span><\/span>, <\/span><\/span>Raysut Cement Company this year faced economic conditions, including the economic conditions that resulted from the global spread of Covid-19,<\/span><\/span>\u201d said <\/span><\/span>Sheikh<\/span><\/span> Ahmed Yousef Alawi Al Ibrahim, Chairman of RCC Group.<\/span><\/span><\/p>\n

The terminal will be owned and operated by the RCC-STO joint venture.<\/span><\/span><\/p>\n

The takeover of the terminal in the Indian Ocean country marks a new phase for the Muscat Stock Market listed <\/span><\/span>Raysut<\/span><\/span> since it will be adding a new geography to its strategic global investment plan. <\/span><\/span><\/p>\n

\u201cOur 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 <\/span><\/span>the market more competitive from a price point which will have its positive impact on infrastructure development in the island nation,\u201d said RCC GCEO, Mr. Joey Ghose.<\/span><\/span><\/p>\n

\u201cThis<\/span><\/span> is a milestone investment for Raysut since the cement major will be pitching into a market supplied currently by other players from South Asia. <\/span><\/span>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<\/span><\/span>. <\/span><\/span>RCC in Maldives will be competing with cement players from India, Indonesia and Malaysia<\/span><\/span>,<\/span><\/span>\u201d said Acting Deputy Group CEO, Mr. S<\/span><\/span>alim<\/span><\/span> Ahmed Alawi Al Ibrahim.<\/span><\/span><\/p>\n

\u201cThe acquisition followed by the formation of the new JV will cement <\/span><\/span>Raysut\u2019 s<\/span><\/span> position further as an emerging global cement player with significant overseas presence in markets of Middle East and East Africa, said <\/span><\/span>RCC GCEO, Mr. Joey Ghose<\/span><\/span>.<\/span><\/span><\/p>\n

He said Maldives<\/span><\/span> investment <\/span><\/span>is in line with the corporate strategy of Raysut to expand its footprint <\/span><\/span>globally<\/span><\/span> and be a partner in developing countries where it will invest with established local partners.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Oman\u2019s largest cement manufacturer, Raysut Cement Company (RCC), said it has closed the deal of acquiring 75 per cent of LafargeHolcim\u2019s cement terminal at ThilafushiIsland in Maldives, and a \u00a0new joint venture – Raysut Maldives Cement Pvt. Ltd. \u2013 has been formed. The new entity with State Trading Organization (STO) of Maldives owning 25 per […]<\/p>\n","protected":false},"author":1,"featured_media":4291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2456],"tags":[2814,2815,2813],"class_list":["post-4290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-jv","tag-lafargeholcim","tag-raysut-maldives"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4290"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4290"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4290\/revisions"}],"predecessor-version":[{"id":4292,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/4290\/revisions\/4292"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/4291"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}