Al Anwar signs deal for OMR10.5m cement firm in Duqm

Muscat: Al Anwar Holdings has entered into a shareholder’s agreement with Hormozgan Cement Co. (HCC), Iran to establish Hormuz Al Anwar Cement SAOC for building a greenfield cement grinding unit in the special economic zone, Duqm with capacity of 600,000-1,000,000 tonnes per annum(TPA), according to a disclosure statement posted on MSM website.

HCC is a well-known Iran based cement producer with established capacity of 2 million TPA and listed on the Tehran Stock Exchange (SHZG1).

Total investment for the project is expected to be OMR10.5 million with optimal debt and equity mix. Commissioning of the project is subject to receiving approvals from relevant regulatory authorities and required funding from banking institutions in Oman. “This is a strategic investment for Al Anwar in the industrial sector in Oman and we expect to create value for shareholders in the long term from the investment,” said the statement.