Saturday 18 / May / 2024
Muscat: The Financial Services Authority (FSA) issued a decision reconstituting the board of directors of Raysut Cement Company (SAOG). The decision appointed a new board of directors comprising experts, and independent and impartial members to manage the company temporarily.
The board will be chaired by Shabib Mohammed Al Darmaki and will comprise the membership of Naser Jumaa Al Zadjali, Badr Awad Al Shanfari, Ali Rashid Ali Al Shuhi and Abdulhameed Ahmed Al Balushi.
The new board will continue the tasks commenced by the previous board to complete the reorganisation and restructuring of the company and fine-tune its governance to ensure the stability of its financial and operational positions to correct its path to ensure sustainable performance and protect the interest of all the shareholders and enhance the stability of the market.
FSA would like to clarify that the new board will lead the company during the coming period to deal with liquidity issues in the short term to attain financial stability and guarantee the continuation of the operations of the parent company and the subsidiaries to turn around the company to profitability as soon as possible.
FSA emphasized to all shareholders, investors and stakeholders that the financial and operational status of Raysut Cement Company is subject to strict scrutiny by the FSA through the newly appointed board of directors to ensure the company is on the right path. Moreover, the unaudited quarterly financial reports and the annual audited financial reports are available to the public and are disclosed continuously. The measures taken by FSA are within its roles to ensure the stability of the regulated sectors and institutions under its law promulgated by Royal Decree No. 20/2024 and the powers conferred under the Commercial Companies Law and Securities law which aim to protect investors and maintain the stability of the capital market in the Sultanate of Oman.
