Port Services Corporation (PSC), which manages and operates Port Sultan Qaboos (PSQ) in Muscat, is planning to change its structure from a SAOG company to a holding company managing subsidiaries with diversified activities.
As the government plans to convert PSQ into a full-fledged tourist port, the management of PSC has proposed a future strategy for the company which has received initial approval from the board of directors, according to a report from the management.
All commercial import, export, general cargo and container activities would be transferred to Sohar Industrial Port by the end of the current concession agreement, which expires on December 31, 2012.
Saud bin Ahmed al Nahari, chief executive officer of PSC, said in the report that the future strategy includes changing PSC's structure from a SAOG company to a holding company managing subsidiary companies as closed companies or LLCs with diversified activities.
He said, "This strategy will enable the company to enter into new activities such as the management of the converted PSQ tourist port, the management of other seaports and container terminals in Oman and abroad, the management of logistics distribution centres, investment and management of real estate."
PSC's net profit declined 21.1 per cent to RO4.3mn in 2011 compared to RO5.5mn in the previous year, while revenue grew marginally by one per cent to RO19.3mn.
© Muscat Daily 2012
