Oman's Raysut Cement plans bid for Star Cement Group

DUBAI (Reuters) - Oman's Raysut Cement, the sultanate's largest cement producer by market value, is planning a bid to buy Star Cement Group of Companies, it said in a statement on the country's bourse website on Sunday.

Star Cement has a clinker production plant in Ras al-Khaimah, cement grinding plants in Abu Dhabi, Ajman, Bahrain, Yemen, Bangladesh, a cement storage and packing terminal in Sudan and a precast factory in Abu Dhabi, the statement said.

No further details about the bid were given.

Star Cement is an associate company of UAE conglomerate ETA Ascon Star, which has interests in construction, shipping, retail, transport and education.

Raysut shares closed 0.37 percent lower in Muscat, outperforming the market which ended 0.9 percent down.