Muscat: Oman Investment Authority (OIA) has announced the restructuring of companies operating in telecommunication and information technology sector, and dissolution of the boards of some companies and reduction of the number of board members in other companies.
The decision includes Oman Broadband Company, Oman Technology Fund, Satellite Communications Technology Company and Oman Towers Company.
OIA said in a statement, "The decision aims to develop the performance of the companies, raising their efficiency and enabling them to be effective players in the state economy."
"The Authority decided to reduce the number of boards of directors of subsidiaries of the group, as well as reduce the number of members of their boards of directors and unify the support services for companies to increase their effectiveness and reduce operating expenses," OIA added in the statement.
Regarding the desired results of the restructuring decision, the authority said, "Achieving integration with national groups and companies operating in other sectors, preparing for the inclusion of more companies operating in the sector under the group’s umbrella in the coming stages, creating an investment arm that works in conjunction with the Ministry of Technology and Communications and achieving better returns to the Sultanate.