Raysut paid $172m to close Pioneer buy
Muscat, January 3, 2011
Raysut Cement, Oman's largest cement producer by market value, on Monday said it paid $172 million to close its deal to buy United Arab Emirates' Pioneer Cement Industries.
The acquisition of Pioneer Cement, based in Ras Al-Khaimah, a northern emirate in the United Arab Emirates federation, adds 1.7 million tons to Raysut's existing capacity, the company said in a statement to Muscat bourse. Raysut announced the deal last October.
The Omani firm said the Ras Al Khaimah Investment Authority (Rakia), sovereign wealth fund of the emirate, would hold one share after the deal.
Pioneer Cement was set up in 2004 as a joint venture between Rakia, and Penna Global Investments from UAE.
Raysut financed the entire deal value by long-term borrowing through a consortium of banks led by Bank Dhofar, it said in the statement.
In October, Raysut said it will buy Pioneer Cements but did not give a value for the deal. -Reuters
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