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Port Services Corporation (PSC), which operates Port Sultan Qaboos (PSQ) in Muscat, will enter liquidation from January 1, 2017, after the expiry of the present concession agreement on December 31.
In an extraordinary general meeting (EGM) held on Wednesday, PSC shareholders unanimously agreed to liquidate the corporation with effect from January 1, 2017, the company said in a filing with the Muscat Securities Market (MSM) on Thursday.
It said the EGM also unanimously agreed to appoint Moore Stephens as the liquidators.
PSC shares surged nearly ten per cent on Thursday.
“The second EGM clearly authorised the liquidators to conclude any settlement with the corporation’s creditors, and to accept arbitration on the corporation’s behalf, and to waive any insurance or any other kind of security for less than its full value. The EGM also authorised the liquidators to sell all the corporation’s assets and projects, and to transfer them,” the company said.
PSC’s board of directors called the EGM in September to consider its proposal to liquidate the company. The board had said it considers renewal of the concession agreement to operate PSQ for one more year as economically unviable.
© Muscat Daily 2016
