# Huaxin Cement to acquire 59.58% stake in Oman Cement Company for $193.1M

Huaxin Cement, through its subsidiary Huaxin (Hong Kong) International Holdings, agreed to acquire a 59.58% stake in Oman Cement Company for approximately $193.1 million. The target is a cement producer in Oman with 2.61 Mtpa clinker and 3.6 Mtpa cement capacity.

- Type: Acquisition
- Announced: 2023-03-13
- Where: Muscat, Oman, Oman
- Value: $193.1M
- Status: announced
- Capacity: clinker 2.61 Mtpa, cement 3.6 Mtpa
- Products: cement, clinker
- Sectors: [Construction Materials](https://endata.com/sectors/construction-materials.md)

## Companies

- [Huaxin Cement](https://endata.com/companies/16152.md) (acquirer)
- [Oman Cement Co.](https://endata.com/companies/27406.md) (target)
- [Oman Investment Authority](https://endata.com/companies/69083.md) (partner)
- [Oman Cement Company SAOG](https://endata.com/companies/69084.md) (target)
- [Abra Holdings](https://endata.com/companies/69545.md) (acquirer)

## Sources

- [gulfoilandgas.com](https://www.gulfoilandgas.com/webpro1/main/mainnews.asp?id=955405), 2023-03-13: "IA has entered into a sale purchase agreement (SPA) with Huaxin (Hong Kong) International Holdings Limited... for the sale of IAs entire shareholding in the Company to Huaxin, comprising 59.58% of the issued capital of the Company."
- [beta.zhitongcaijing.com](http://beta.zhitongcaijing.com/content/detail/891079.html), 2023-03-13: "本项目是公司积极推进海外发展战略，布局新兴市场，实现海外地区滚动发展的关键举措"
- [muscatdaily.com](https://www.muscatdaily.com/2023/03/13/oia-to-sell-its-majority-stake-in-oman-cement-to-huaxin/), 2023-03-13: "This exit comes in accordance with a plan pursued by OIA aimed at achieving a number of goals, including attracting foreign investment to the sultanate."
- [beta.zhitongcaijing.com](http://beta.zhitongcaijing.com/content/detail/906722.html), 2023-04-05: "本次交割已于2023年4月5日完成，公司现通过间接全资子公司Abra持有目标公司59.58%股权，目标公司的财务业绩并入公司的财务帐目内。"

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.