Muscat - Raysut Cement is planning to set up a joint venture (JV) cement grinding plant in Barbara, Somaliland with an estimated project cost of US$40mn.
‘Raysut Cement and MSG Group of Companies Limited have agreed to establish a cement grinding unit in Somaliland with a production capacity of 1mn tonnes of cement per annum,’ Raysut Cement said in a disclosure filed to the Muscat Securities Market.
It said, ‘The estimated project cost is about US$40mn whereas Raysut Cement’s share is 55 per cent of the share capital and MSG’s share is 45 per cent.’
The company added that it will provide additional information related to this project later.
