Raysut Maldives Cement JV Formed; Acquisition of LafargeHolcim Stake Completed
75 % takeover of cement terminal at Thilafushi Island to increase market presence in the Indian Ocean country
Oman’s largest cement manufacturer, Raysut Cement Company (RCC), said it has closed the deal of acquiring 75 per cent of LafargeHolcim’s cement terminal at Thilafushi Island in Maldives, and a new joint venture – Raysut Maldives Cement Pvt. Ltd. – has been formed.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201018005037/en/
Raysut factory (Photo: AETOSWire)
The new entity with State Trading Organization (STO) of Maldives owning 25 per cent has plans to expand the terminal’s capacity, currently 75,000 tons per annum, by more than 100 per cent in future to over 200,000 tons per annum.
This acquisition opens a corridor of trade between Oman and Maldives not only in the cement industry with Raysut …