Oman's Raysut Cement eyes USD 200M acquisitions

Byswb

Updated Thu, 28 Oct 2010 00:00:00 GMT

Reuters reported that Raysut Cement Company of Oman is holding acquisition talks with several companies and expects to reach an agreement within a month.

Mr Samidh Mukhopadhyay CFO of Raysut Cement said that "We have been exploring acquisitions for some time now. There is still some way to go. The important thing is the tonnage capacity. We won't go for below one million tonne capacity. It may be announced in a month's time because the dialogue is still happening."

Mr Mukhopadhyay declined to provide any additional details on target companies or the expected value of a deal.

Analysts said that the company is looking for an acquisition with a potential value of between USD 150 million to USD 200 million and have cited Ras Al Khaimah Cement as a likely candidate.