The board of directors of Asyad Group has decided to restructure the group’s business units in line with its efforts to focus on key logistics activities, such as port services, free zones, shipping, dry-docks, e-commerce services, and last-mile delivery.
The decision comes as part of Asyad Group’s efforts to boost its local and international commercial presence, in light of its plans to grow and enhance its performance.
The restructuring of Asyad’s business units will result in dissolution of Oman Roads and Transport Management Company (ORTMC), Asyad said in a statement.
The Ministry of Transport, Communications and Information Technology will supervise all transport and road management responsibilities previously assigned to ORTMC according to the ministry’s jurisdiction under the new state administrative apparatus.
‘The dissolution of ORTMC comes following a review of the company’s objectives and its profitability forecasts in the future. The evaluation indicated that the activities of ORTMC do not fall within the scope of integrated logistics activities that the Asyad Group focuses on,’ the statement said.
Asyad’s board of directors has put in consideration that there are no negative impacts on the employees of ORTMC because of this decision.
The employees of ORTMC will be redeployed across Asyad Group companies, and the employees seconded to ORTMC will return to their respective companies. The contracts related to the existing projects will be automatically transferred to the Ministry of Transport, Communications and Information Technology.
Highlighting its future plans, Asyad Group said it will focus on embodying the direction of Oman Investment Authority (OIA) in cooperating with the private sector.
The group will focus on partnering and integrating with the private sector which constitutes a fundamental pillar of its new operating model. It added that several projects for partnership with the private sector have been identified.
OIA remains positive about the remarkable development in the performance of Asyad Group, which has been achieved during a short period operationally and financially.
OIA emphasises that it continues the implementation of its strategy to maximise the financial and economic returns of its entities by reviewing the organizational and operational structures.