The Financial Services Authority (FSA) in Muscat recently made a major decision to reconstitute the board of directors of Raysut Cement Company (SAOG). The new board will be made up of experts and independent members who will manage the company temporarily. The board will be chaired by Shabib Mohammed Al Darmaki and will include Naser Jumaa Al Zadjali, Badr Awad Al Shanfari, Ali Rashid Ali Al Shuhi, and Abdulhameed Ahmed Al Balushi. The main goal of the new board is to continue the work of the previous board to complete the reorganization and restructuring of the company, as well as fine-tune its governance to ensure financial and operational stability.
The FSA has clarified that the new board will focus on dealing with liquidity issues in the short term to achieve financial stability and ensure the continuity of operations for both the parent company and its subsidiaries. The ultimate aim is to turn the company around and make it profitable as soon as possible. FSA wants to assure all shareholders, investors, and stakeholders that they will closely monitor the financial and operational status of Raysut Cement Company through the new board to ensure that the company is on the right track. Unaudited quarterly financial reports and annual audited financial reports will be made available to the public continuously.
These measures taken by FSA fall within their role to ensure the stability of regulated sectors and institutions under the law promulgated by Royal Decree No. 20/2024. FSA also has powers conferred under the Commercial Companies Law and Securities Law to protect investors and maintain stability in the capital market in Oman.
Overall, the reconstitution of the board of directors for Raysut Cement Company is a strategic move by the FSA to address the financial challenges the company is facing. With a new board in place and a clear focus on liquidity issues and financial stability, the company is well-positioned to correct its course and enhance its performance in the long run. Additionally, the transparency of financial reports and the ongoing scrutiny by the FSA will provide reassurance to stakeholders and investors, helping to boost confidence in the company’s future prospects.
In conclusion, the FSA’s decision to appoint a new board of directors for Raysut Cement Company signals a proactive approach to address financial challenges and ensure the long-term sustainability of the company. With a focus on financial stability, operational continuity, and governance improvement, the new board is expected to lead the company forward in a positive direction. By closely monitoring the company’s financial and operational status, the FSA aims to protect investors and maintain stability in the capital market in Oman. The transparency of financial reports and strict scrutiny by the FSA will further enhance confidence in the company’s future prospects.
