Huaxin Cement holds 59.58% of Oman Cement Company SAOG through Abra, an indirect wholly-owned subsidiary.

Recently, Huaxin Cement issued a notice about the acquisition of 59.58% of the shares of Oman Cement Company SAOG (target company) by its wholly-owned subsidiary. The Purchaser, Huaxin (Hong Kong) International Holdings Limited, a wholly-owned subsidiary of the Company, entered into the Sale and Purchase Agreement with the Vendor (Investment Authority SPC), pursuant to which the Vendor agreed to sell 59.58% equity interest in the Target Company at a total consideration of approximately US $193.1 million. Upon Closing, the Closing Consideration shall be amended based on the audited Closing Financial Statements Net Cash and Working Capital. On March 27, 2023, the Buyer transferred the right to receive the Target Equity to Abra Holdings Ltd., a wholly-owned subsidiary of the Buyer registered in the Republic of Mauritius, in accordance with the terms of the SPA.

The closing was completed on April 5, 2023. The Company now holds 59.58% of the equity of the Target Company through Abra, an indirect wholly-owned subsidiary, and the financial results of the Target Company are incorporated into the financial accounts of the Company.

The Purchaser (through Abra) and the Seller are currently in the process of amending the Closing Consideration, after which Abra will make an offer to the other shareholders of the Target.