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Raysut Cement, Oman's largest cement producer by market value, has said it will buy the UAE's Pioneer Cement Industries.
"This project will serve the strategies and goals of the company and will add more value to the shareholders and investors of the company," Raysut's chief financial officer said in a statement. Pioneer Cement Industries is based in Ras Al Khaimah. Analysts had previously said Raysut was looking for an acquisition with a potential value of between US$150mn and US$200mn and had cited Ras Al Khaimah Cement as a likely candidate.