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Raysut Cement planning Star Cement takeover
08 Feb 2010
Star Cement takeover"/>
Mohammed Ahmed al Dheeb, chief executive officer of Raysut, announced the company's intention to bid for the Star Cement Group to the Muscat Securities Market yesterday (February 7th 2010).
"After extensive discussions that took place among the directors on the subject, the board of directors of Raysut Cement company agreed to enter into a bid to acquire and own Star Cement Group," he stated.
Star Cement has facilities in several areas of the Middle East, including a precast factory in Abu Dhabi, a storage and packaging terminal in Sudan and grinding plants in states such as Bahrain, Yemen and Bangladesh.
Late last year, a report by Business Monitor International noted that Oman's construction industry had contributed more than five per cent to the country's gross domestic product in 2009 and forecast that the sector will continue to expand by 2.7 per cent a year until 2013.
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