Oman Investment Authority (OIA) announced the dissolution of Oman Aviation Group and its subsidiary, Transom on Saturday.
H E Sultan bin Salim bin Said al Habsi, Minister of Finance, and Chairman of the Board of Directors of OIA, during his speech on the state budget for 2021, declared that the authority has decided to dissolve the Oman Aviation Group (OAG).
“Oman Investment Authority is taking corrective steps to dissolve both the OAG and the Transom, so that two companies, Oman Air and Oman Airports Management Company, will continue to operate and perform their duties,” H E Habsi said.
H E Habsi stated that OAG and Transom’s employees will join Oman Air, Oman Airports, and other state-owned enterprises under OIA or other government entities based on need and vacancies.
In response to a question from Oman News Agency on OIA’s role in the restructuring of the state-owned enterprises and spending rationalisation, H E Habsi stated that OIA is continuing its efforts to review and evaluate the organisational and operational restructuring of the holding companies, as well as considering the restructuring of its affiliated companies. OIA is also reviewing the human resources policies, and evaluating the current structure of compensation and benefits, which will undergo adjustments to be announced soon.
He added that this will not affect any of the shareholders’ commitments and obligations towards stakeholders as the change is aimed at restructuring the companies in the sector.
OIA will issue further details pertaining to different aspects of the restructuring soon.
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