Shareholders of Oman’s oldest port operator to discuss liquidation report

Shareholders of Port Services Corporation SAOC (under liquidation) will meet later this month to review a report on the liquidation of the roughly 35-year-old company, established in the mid-1970s to operate and manage Muscat’s Port Sultan Qaboos – the nation’s first maritime gateway.

The Extraordinary General Meeting (EGM), marking one of the final chapters in the eventual dissolution of the company, comes just over five years after Port Services Corporation (PSC) adopted a decision to wind down operations and go into liquidation – a process that began in earnest on January 1, 2018.

That move stemmed from a decision by the Omani government to transform Port Sultan Qaboos, a multipurpose commercial port, into a full-fledged tourism hub port, anchored by an upmarket waterfront featuring residential and retail developments. Overseeing the latter goal is Omran Group – the government’s tourism development executive arm.

Well-known chartered accountancy firm Moore Stephens, appointed by PSC to oversee the liquidation, will present its report at the EGM, along with the financial account for fiscal 2022.

Shareholders will also discuss the distribution of the second interim payout from the liquidation proceeds (after providing for all outstanding claims) at the rate of 0.045 baisas per share from a total amount of RO 4.276 million available for distribution.

Registered as a public joint stock company, PSC was established via Royal Decree issued on November 17, 1976. Its primary mandate was to operate and manage Port Sultan Qaboos, which was opened two years earlier as the main gateway for commercial imports and exports.

Wholly state-owned Asyad Ports – part of Asyad Group – assumed operation and management of Port Sultan Qaboos with effect from January 1, 2018. With most commercial cargo operations having since been relocated to Sohar Port, operations at the Muscat facility are currently limited to the handling of liquid bulk, bulk grain, dhows and cruise and naval vessels.