MUSCAT: The Board of Directors of Oman Ceramics has recommended the liquidation of the company after it accumulated financial losses.

In a statement issued to Muscat Stock Exchange on Sunday, the company said the decision was taken in order to safeguard the rights of all stakeholders.

“After careful deliberations and after consulting with the external auditors  and the external legal advisor and due to the accumulated financial losses being incurred by the company and in order to safeguard the rights of all stakeholders, the Board of Directors resolved as follows:

• To recommend the liquidation of the company subject to approval by the shareholders at an Extra Ordinary General Meeting (EGM)  to be announced soon.
• To obtain all regulatory approvals for the appointment of liquidator and the completion of the liquidation process.”