DUBAI: Raysut Cement, Oman’s largest cement producer by market value will buy the United Arab Emirates’ Pioneer Cement Industries, the company said in a statement on the Omani bourse on Thursday. Raysut’s chief financial officer said on Sunday the company was holding acquisition talks with several companies and was expecting to reach a deal within a month.
"This project will serve the strategies and goals of the company and will add more value to the shareholders and investors of the company," Raysut said in the statement.
The company did not give details of the size of the deal. Pioneer Cement Industries is based in Ras al-Khaimah, a northern emirate in the United Arab Emirates federation.
Analysts had previously said Raysut was looking for an acquisition with a potential value of between $150 million and $200 million and had cited Ras Al Khaimah Cement (RAK Cement) as a likely candidate.
Shares in Raysut traded down 0.2 percent at 0844 GMT.
Raysut said last week its nine-month profit before tax was 19.03 million Omani rials ($49.42 million), down from 24.2 million rials a year ago.
