Oman mulls sale of major stake in cement company
MUSCAT, 29 days ago
citing people with knowledge of the matter. The sultanate is speaking to advisers about selling its nearly 54% holding in the company, according to the people, who asked not to be identified because the information is private, the
Bloomberg report said. The government has been seeking ways to tame its budget deficit and steady an economy hit by last year’s decline in oil prices and the coronavirus pandemic. It’s pushed through reforms including cutting spending, slashing government jobs and introducing a value-added tax in April. Over the last decade, Oman Cement has been facing intense competition from producers of the building material from the UAE.
Oman mulls sale of major stake in cement company
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Oman Is Said to Mull Cement Stake Sale in Privatization Push
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Oman Is Said to Mull Cement Stake Sale in Privatization Push
Bloomberg 8 hrs ago © Bloomberg Wet cement is poured into a builders hop.
(Bloomberg) Oman is considering the sale of its stake in Oman Cement Co. SAOG, according to people with knowledge of the matter, as Gulf nations increasingly lean on state assets to bolster their finances.
The sultanate is speaking to advisers about selling its nearly 54% holding in the company, according to the people, who asked not to be identified because the information is private. The stake could be worth just over $100 million based on its current market price.