Oman Cement Company's board of directors approved the appointment of Zhu Yaping as the new chief executive officer of the company with immediate effect.
China-based Huaxin Cement Company has completed the acquisition of a majority 59.58 per cent stake in Oman Cement Company for an estimated purchase price of US$193.1mn.
The Oman Investment Authority (OIA) on Monday announced that it has started the process for exiting investment in Oman Cement Company. OIA, which owns a majority stake in Oman Cement, will sell its entire stake to China-based Huaxin Cement Company.