Abrasives Manufacturing Company seek a savior from liquidation   


هذه الصفحة متوفرة بهذه اللغة: العربية

April 15, 2018

Muscat (WAF): Abrasive Manufacturing Company SAOG to discuss the struggling company’s options to prevent going out of business in the coming AGM/EGM, the listed company disclosed today on Muscat Securities Market.

At the previous general meeting, the shareholders failed to elect a new Board of Directors (BoD) as only one candidacy application out of the six vacant posts has been received.

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In its coming meeting, the financially troubled company is discussing the appointment of the BoD. The shareholders will also consider the available alternatives to improve the company’s situation through a strategic investor. Alternatively, the company might sell or lease the some of its assets. Otherwise, the company will go into liquidation in case a money-injecting investor is not found.

The Annual and the Extraordinary General Meeting is scheduled to be held on April 29, due to the lack of a quorum of the Extraordinary General Meeting on March 31, 2018.

Translated by: Ahmed al-Ghadani

Editing: Fatma al-Arimi