• Oman

    • Raysut Cement to raise $600mn in debt

    By on March 10, 2022

    Muscat: Raysut Cement Company SAOG (RCC) announced the approval of its Board of Directors to issue bonds/Sukuk in Singapore to raise the equivalent of OMR 231 million under a new debt program.

    In a disclosure to the Muscat Stock Exchange (MSX) today, the company stated that the program, which will be in two tranches, aims to raise up to $600 million (OMR 231 million) to “repay existing bilateral debt and support growth initiatives of the Group, including but not limited to financing acquisitions identified by the management in growth markets.”

    The bonds/Sukuk will be issues in Singapore by the wholly-owned entity of RCC Holdings PTE Singapore.

    According to Raysut Cement’s financial reports, the company moved from a period of profits that lasted for years until 2019 to a phase of losses in 2020 and 2021 with RO 18.28 million and RO 13.78 million, respectively.

    The parent company is working to establish a cement grinding unit in Duqm, with a production capacity of seven hundred and fifty thousand tons of cement annually, with an investment of $30 million (RO 11.5 million).

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