Huaxin Cement to buy additional stake in Oman Cement

Huaxin Cement to buy additional stake in Oman Cement

Huaxin Cement, one of China's leading cement manufacturers, has made a significant move to expand its global presence with the acquisition of a majority stake in Oman Cement. The company announced on Monday that it will purchase an additional stake of 5.08% in Oman Cement via the Muscat Stock Exchange. The upcoming deal, planned to be filed on July 2 and subject to regulatory approvals and closing conditions, will result in Huaxin Cement holding a controlling stake of 64.66% in Oman Cement, solidifying its position in the Middle East market. Earlier this year, Huaxin Cement completed its acquisition of a 59.58% stake in Oman Cement. It completed the transaction via Abra Holding Limited, a wholly-owned subsidiary incorporated in Mauritius. The estimated purchase price for the stake was $193.1 million. Following the plan to buy additional stake, Huaxin also advised its shareholders that the final purchase price for 59.58% of the issued shares of Oman Cement stands revised, from $193.1 million, to $199.7 million or $0.986 per share. Huaxin Cement's decision to acquire a majority stake in Oman Cement underscores its strategic intent to strengthen its foothold in the Middle East region. This move will enable Huaxin Cement to capitalise on