Huaxin (Hong Kong) International Holdings Limited made an offer to acquire an additional 15.42% stake in Oman Cement Company SAOG (MSM:OCOI) from its shareholders for OMR 19.3 million on June 5, 2023. Under the terms, Huaxin Cement will pay OMR 0.379 per share. The offer will be opened from June 14, 2023 to June 25, 2023.

The Board of Directors of Oman Cement hereby confirms that it is not seeking another person to make a competing offer. Post completion, Huaxin Cement will hold 75% stake in Oman Cement. Huaxin Cement will not exercise the squeeze-out provisions of Articles 62 to 65 (inclusive) of the Takeover Regulation.

The transaction is subject to the approval of the CMA for the final Offer result. Talal Al Balushi, and Hunaina Banatwala of Ubhar Capital SAOC acted as manager to the offer and Jamie Gibson of Dentons & Co, Oman Branch acted as legal advisor to Huaxin.