PHOTO
19 January 2017
Muscat - The shareholders of Port Services Corporation (PSC) have agreed to defer the company's liquidation until January 2018.PSC held an extraordinary general meeting (EGM) of its shareholders on Tuesday which agreed to nullify the decision resolved in the company's second EGM held on December 7, 2016 to liquidate the company with effect from January 1. 2017.
The PSC will operate and manage PSQ for another yearas the Ministry of Transport
and Communications recently agreed to extend the concession agreement up to December 31, 2017.
“The EGM unanimously agreed to defer the liquidation until January 2018 after the expiry of the concession agreement on December 31, 2017.”
The shareholders also agreed to authorise the board of directors to negotiate with Moore Stephens, the appointed liquidators, to extend the validity of their proposal until January 2018.
The PSC recently reported a net profit of RO2.71mn for the year ended December 31, 2016 against a net loss of RO1.86mn in the previous year. The company's initial unaudited results showed that its operating revenue rose 25.4 per cent to RO4.32mn in 2016 from RO3.44mn in 2015. Total operating expenses dropped by 49.4 per cent to RO3.68mn from RO7.28mn in the previous year.
© Muscat Daily 2017
Muscat - The shareholders of Port Services Corporation (PSC) have agreed to defer the company's liquidation until January 2018.PSC held an extraordinary general meeting (EGM) of its shareholders on Tuesday which agreed to nullify the decision resolved in the company's second EGM held on December 7, 2016 to liquidate the company with effect from January 1. 2017.
The PSC will operate and manage PSQ for another yearas the Ministry of Transport
and Communications recently agreed to extend the concession agreement up to December 31, 2017.
“The EGM unanimously agreed to defer the liquidation until January 2018 after the expiry of the concession agreement on December 31, 2017.”
The shareholders also agreed to authorise the board of directors to negotiate with Moore Stephens, the appointed liquidators, to extend the validity of their proposal until January 2018.
The PSC recently reported a net profit of RO2.71mn for the year ended December 31, 2016 against a net loss of RO1.86mn in the previous year. The company's initial unaudited results showed that its operating revenue rose 25.4 per cent to RO4.32mn in 2016 from RO3.44mn in 2015. Total operating expenses dropped by 49.4 per cent to RO3.68mn from RO7.28mn in the previous year.
© Muscat Daily 2017
