(MENAFN- Muscat Daily) Oman Flour Mills Company will set up a joint venture flour mill in Sohar with a capacity of 500MT per day. The expected project cost will be RO15.5mn according to a company filing to Muscat Securities Market (MSM) on Thursday.
The company's board of directors on Wednesday approved to go ahead with the setting up of a 500MT per day flour mill in Sohar.
'In this flour mill Oman Flour Mills will have a 60 per cent equity and the balance 40 per cent equity will be held by Essa al Ghurair (UAE national). The expected project cost is RO15.5mn. The mill is expected to be commence operation by the year 2017' the company said.
Essa al Ghurair is the vicechairman of Dubai-based Al Ghurair Investments which is a diversified industrial group with a presence in more than 20 countries on four continents. Its core focus is on foods construction resources and properties with additional sector participation in retail printing energy and education.
Al Ghurair's food operations include flour mills in Dubai Lebanon Sudan Algeria and Sri Lanka; and its rice production facilities in Lahore Pakistan serve retail and bulk markets throughout the Middle East and North Africa.
Earlier Oman Flour Mills in its yearly report had said that it plans to set up new flour mill in Sohar adjacent to the silos being constructed by the government as per their strategic food reserve programme. The initial wheat milling capacity planned is 500MT per day with the capabilities of expansion to 2000MT the company had said.
Oman Flour Mills is one of the leading mills in the region with flour capacity of 850MT per day. The company markets its flour products under the brand name 'Dahabi'. More than 20 varieties of flour and allied products are produced under this brand name.
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