Posted by Bob Brunskill
Ras Al Khaimah-based Pioneer Cement Industries is to be bought out by Raysut Cement, Oman's largest cement producer by market value, it has been confirmed.
In a statement on the Omani bourse today (October 28th), Raysut said the takeover would "serve the strategies and goals of the company" and add more value for shareholders and investors, Reuters reported.
Raysut did not give details of the size of the transaction.
Reuters noted that the deal follows predictions that Raysut was looking for an acquisition with a potential value of between $150 million and $200 million.
The company had previously cited RAK Cement as a likely candidate.
In other Ras Al Khaimah business news, meanwhile, TradeArabia News Service reported this week that RAK Airways is one of three airlines to have begun operations from King Abdulaziz International Airport (KAIA) in Jeddah, Saudi Arabia.
According to the news service, RAK Airways will fly between KAIA and Ras Al Khaimah, joining Felix Airways which will fly between KAIA and Aden and Royal Falcon Airlines whixch will fly to/from Amman.