Oman-based Raysut Cement Company, a cement producer and seller, has made a 10.2 billion Kenyan shillings ($100 million) bid to purchase Kenyan peer ARM Cement.
Raysut Cement said that the buyout proposal is consistent with its strategy to extend in East and Central Africa.
The company added that the proposed purchase will complement its revised strategy to manufacture clinker in proximity to the markets it supplies to in East Africa.
Recently, Raysut Cement announced that it was planning to inject approximately $700 million in India by 2022.