Urgent.. dissolving the board of directors of “Raysut Cement” immediately – Omani Affairs

Muscat – Omani affairs

The Capital Market Authority decided to immediately dissolve the current board of directors of Raysut Cement Company and to appoint a temporary board of directors with experience, competence and independence headed by Hamdan bin Ahmed Al Shaksy.

The authority published a statement on the developments in the situation of Raysut Cement Company, which stated:

“Furthermore to its statement issued on December 4, 2022 AD regarding the financial statements of Raysut Cement Company and the status of its performance, and based on the tasks undertaken by the Capital Market Authority under the Commercial Companies Law and the Securities Law represented in protecting investors and maintaining the stability of the capital market, and as a measure Immediate To deal with the causes of danger existing on Raysut Cement Company, its shareholders and all other interested parties, the Capital Market Authority issued today, Sunday, December 11, 2022, its administrative decision No. (149/2022) to dissolve the current board of directors of Raysut Cement Company immediately and appoint a temporary board of directors With experience, competence and independence under the chairmanship of Hamdan bin Ahmed Al-Shaqsy and the membership of Majid bin Sultan Al-Touqi, Dr. Ali bin Amer Al-Ghaithi, Ahmed bin Saud Al-Zakwani, and Mubin Jalil Yassin Khan, provided that the term of the council is three years.

She added: “The new board of directors will begin its duties to organize and restructure the company to ensure the stability of its financial position and deal with the reasons that led the company to these conditions. The Authority would like to assure the public of investors and shareholders in Raysut Cement Company and its dealers that the task of the appointed board will end as soon as it completes its mission to return the company to its stable position and finish dealing with all the observations that the Authority monitored through the field audit process that it carried out recently, and a board will be elected management by the shareholders under the usual procedures thereafter.”

She said: “Through its oversight and regulatory tasks, the Authority seeks to create a positive investment environment in which everyone performs their tasks and duties assigned to them, each in his field, and that each party bears all the consequences and responsibilities resulting from that. Thus, confidence in investment in the capital market is enhanced in an atmosphere of responsibility and disclosure. Transparency and not condoning or tolerating any practices that are not based on these principles and do not follow the standards of good governance, and the authority will not hesitate to take all the measures authorized by it by law in order to ensure the correct application of the approved laws and procedures.