Oman Explores Cement Stake Sale in Privatization Drive: Sources - Bloomberg
Oman is considering the sale of its stake in Oman Cement Co. SAOG, according to people with knowledge of the matter, as Gulf nations increasingly lean on state assets to bolster their finances.
The sultanate is speaking to advisers about selling its nearly 54% holding in the company, according to the people, who asked not to be identified because the information is private. The stake could be worth just over $100 million based on its current market price.
No final decisions have been made and the state may also decide to retain the stake.
Oman Cement’s chief executive officer, Salem AlHajry, said there’s no plan for now to divest shares in the company and the government’s focus is on growing the business. The Oman Investment Authority, the country’s wealth fund that controls the stake, couldn’t be reached immediately for comment.
The government has been seeking ways to tame its budget deficit and steady an economy hit by last year’s decline in oil prices and the coronavirus pandemic. It’s pushed through reforms including cutting spending, slashing government jobs and introducing a value-added tax in April.
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