FSA Reconstitutes the Board of Directors of Raysout Cement Company

05 May 2024

FSA Reconstitutes the Board of Directors of Raysout Cement Company

The Financial Services Authority has issued today Decision No. 27/2024 reconstituting the board of directors of Raysout Cement Company (SAOG). The decision appointed a new board of directors comprising experts, independent and impartial members to manage the company temporarily to replace the previous board appointed under Decision No. 149/2022. The board will be chaired by Shabib Mohammed Al Darmaki and the members 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 reorganization and restructuring of the company and fine-tune its governance to ensure 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 comping period to deal with liquidity issues on the short term to attain financial stability and continuation of the operations of the parent company and the subsidiaries to turn around the company to profitability as soon as possible. FSA expressed its thanks to the previous board of directors for their efforts.

FSA emphasized to all shareholders, investors and stakeholder that the financial and operational status of Raysout Cement Company is subject to strict scrutiny by the FSA through the newly appointed board of directors to ensure the company is in the right path, moreover, the unaudited quarterly financial reports and the annual audited financial reports are available to the public and 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 aims to protect the investors and maintain the stability of the capital market in the Sultanate of Oman