Muscat – Oman Fisheries Company has announced the collective resignation of its board of directors and called for an extraordinary general meeting, citing an acute and irreversible liquidity crisis that has left the company unable to continue operations.
In a filing to the Muscat Stock Exchange dated May 24, the board said the decision was taken during a meeting held on May 21 after reviewing the company’s financial position following its Annual General Meeting on May 4.
According to the filing, shareholders indicated they were unwilling to inject the urgently needed financial support or provide any commitment to do so.
The board acknowledged that the company had delivered positive operational results over the past two years, but said the improvements were insufficient to address its cash position. “The acute liquidity crisis has reached its limit, and the company is no longer able to survive,” the filing stated.
The board has resolved to convene a General Ordinary Meeting with two agenda items — formally notifying shareholders of the board’s decision to resign collectively and electing a new board of directors. The filing also confirmed the resignation of General Manager Dawood Suleiman Al Wahaibi for personal reasons, effective July 31.