Oman’s Raysut Cement to Raise USD 600 Million Through Secured Rated Debt Instrument Issuance

Oman-based Raysut Cement Company (Raysut Cement), the country’s largest cement manufacturer, announced that it has received approval from its board of directors to raise OMR 231 million (USD 600 million) via the issuance of a secured rated debt instrument in the form of bond/ Sukuk in two tranches under a new debt programme, as highlighted in a filing to the Capital Market Authority (CMA).

Why it Matters?

The company’s wholly owned subsidiary, RCC Holdings PTE, Singapore will issue the proposed bond/ Sukuk in Singapore. The announcement represents the company’s effort to strengthen its presence across the Gulf, Middle East, Africa and potentially East Europe. Proceeds from the issuance will be used in three areas, namely for the repay...