MUSCAT: The Financial Services Authority (FSA) issued a decision yesterday to restructure a new board of directors for Raysut Cement Company, composed of experienced, independent, and neutral individuals to temporarily manage the company's affairs. The new board is led by Shabib bin Mohammed al Darmaki, with members Nasser bin Jumaa al Zadjali, Badr bin Awadh al Shanfari, Ali bin Rashid al Shuhi, and Abdul Hamid bin Ahmed al Balushi.
The Authority stated in its statement that the new board will continue the mission started by the previous board appointed under Resolution No. (149/2022) to complete the restructuring of the company, its structure, and governance to ensure the stability of its financial and operational situation, correct its course to ensure sustainable performance, protect the interests of all shareholders, and enhance market stability.
The Authority explained that the new board of directors will lead the company in the coming period to seriously address financial liquidity issues in the near term to achieve financial stability, ensure the continuity of the operational activities of the parent company and its subsidiaries, and restore the group to profitability.
The Authority informed all shareholders, investors, and stakeholders that the financial and operational situation of Raysut Cement Company and its subsidiaries is closely monitored by the Authority through the appointed board of directors to ensure the correct path for the company and disclosure of its un-audited quarterly and audited annual financial reports continuously.
These measures taken by the Authority come within its primary role to ensure the stability of the sectors and institutions under its supervision under its system's decree issued by Royal Decree No. 20/2024 and in accordance with the powers stipulated in the Commercial Companies Law and Securities Law aimed at protecting investors and maintaining the stability of the capital market in the Sultanate of Oman. — ONA
Oman Observer is now on the WhatsApp channel. Click here
