Muscat: The Capital Market Authority (CMA) issued a decision to immediately dissolve the current board of directors of Raysut Cement Company and appoint a temporary board of directors, based on experience, competence and independence. The new board is headed by Hamdan Ahmed al Shaqsi and it comprises in its membership Majid Sultan al Tauqi, Dr Ali Amer al Ghaithi, Ahmed Saud al Zakwani and Mubeen Jalil Yasin Khan. The decision also states that the term of the board shall last three years.
The CMA said in a statement that the new board of directors of Raysut Cement Company will assume the tasks of organizing and restructuring the firm to ensure the stability of its financial position. The board will also deal with the reasons that led the company to conditions that prompted such action. The new board enjoys all powers and assumes all tasks and responsibilities stipulated in the Commercial Companies Law, bylaw of public shareholding companies and the Articles of Association of the company, according to the statement.
The CMA would like to assure the investors and shareholders in Raysut Cement Company and the firm’s dealers that the tasks of the temporary board will expire as soon as it completes its mission by leading the company to a stable position. The temporary board will also deal with all observations that the CMA detected during its recent internal audit operation. Thereafter, the shareholders will elect a permanent board of directors as usual.
Through supervision and regulatory tasks, the CMA seeks to establish a positive investment environment in which all perform the tasks and duties entrusted to them and bear all the consequences arising therefrom. The action seeks to consolidate confidence in investment in the capital market in a climate of responsibility, integrity, disclosure and transparency. It does not tolerate any practices that are not based on these principles and do not follow the standards of good governance.
The CMA will not hesitate to take all measures entrusted to it by law to ensure the correct application of approved laws and procedures.
This statement stems from the tasks authorized to the CMA under the Commercial Companies Law and the Securities Law for protecting investors and maintaining the stability of the capital market. The action undertaken by the CMA emerges as an immediate measure to deal with the causes of risk that prevail at Raysut Cement Company and compromise the interests of the firm’s shareholders and all other parties, according to the statement.
