Overview

China Eximbank provides RMB 600 million overseas investment loan for Huaxin Cement’s acquisition of 59.58% stake in Oman Cement Company

Commitments (Constant USD, 2023)$84,740,448

Commitment Year•2023Country of Activity•OmanDirect Recipient Country of Incorporation•China (People's Republic of)Sector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2023

Start (actual): Apr 5, 2023

End (actual): Apr 5, 2023

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

Loading map…

Oman Cement Company SOAG operates a 4.2 million tons per year Rusayl cement plant in Muscat Governorate. More detailed locational information can be found at https://www.openstreetmap.org/way/39975849

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

Private Sector

Huaxin Cement Co., Ltd.

Loan description

China Eximbank provides RMB 600 million overseas investment loan for Huaxin Cement’s acquisition of 59.58% stake in Oman Cement Company

Interest type•Unknown

Narrative

Full Description

Project narrative

On April 5, 2023, Huaxin (Hong Kong) International Holdings Limited completed its acquisition of a 59.58% equity stake in Oman Cement Company SOAG from the Investment Authority Company SPC (representing the Government of Oman’s equity stake in the cement manufacturer) for $193.1 million. China Eximbank provided a RMB 600 million overseas investment loan to Huaxin (Hong Kong) International Holdings Limited to facilitate the acquisition. Oman Cement Company SOAG operates a 4.2 million tons per year Rusayl cement plant in Muscat Governorate.

Staff comments

1. The buyer, Huaxin (Hong Kong) International Holdings Limited, assigned its ownership right to Abra Holdings Limited, its wholly owned subsidiary incorporated in the Republic of Mauritius.