09 November 2016
By staff writer

Muscat -  Port Services Corporation (PSC) said its extraordinary general meeting (EGM) will meet on December 7 to consider and approve the board's recommendation to liquidate the company and to appoint liquidators and fix their remuneration.

The EGM, which was first scheduled for November 7, was not convened for lack of quorum, PSC said in a filing with the Muscat Securities Market on Tuesday.

In September, PSC had said its board considered renewal of the concession agreement to operate Port Sultan Qaboos for one more year (2017) as economically unviable.

PSC’s current concession agreement to operate and manage Port Sultan Qaboos expires on December 31, 2016. The company employs a total of 115 employees as on September 30, 2016, of which 84 are Omanis.

PSC shares fell 3.6 per cent on Tuesday.

© Muscat Daily 2016