Muscat: The Oman Investment Authority announced that it has attracted a large Chinese company to the Omani market. The deal with the Chinese giant Huaxin Cement Company Limited was finalised after an agreement to buy majority shares in Oman Cement Company. This came as a part of the exit plan from some previous investments announced by the agency. This venture is aimed to bring foreign investments to the Sultanate.
Huaxin Cement Company Limited was founded in 1907, and is among the 10 largest cement manufacturers in the world and is listed on the Shanghai and Hong Kong Stock Exchanges.
The Chinese giant manages the operation of aggregates and ready-mixed concrete and also relies on manufacturing equipment specially designed for cement through the use of advanced technology.
It was reported that the Oman Cement Company received a notification from the Omani Investment Authority to conclude a share purchase agreement with Huaxin (Hong Kong) International Holdings Limited, a limited liability company registered in Hong Kong and wholly owned subsidiary of Huaxin Cement Company Limited, to sell all shares of Oman Investment Authority amounting to 59.58% of the capital in the issuer company.