MUSCAT: In a notice published by MSX, Gulf Stone Company stated that its Board of Directors had resolved to liquidate the company following a meeting held on February 8th.

The announcement reads as follows:
After careful study and the efforts of the Board of Directors to raise the capital, it has not been possible to raise the company’s capital by major shareholders and no agreement has been reached with strategic partners. And after deliberations and after consulting the auditors and the legal advisor, and due to the accumulation of financial losses incurred by the company, the Board of Directors, in order to protect the rights of shareholders, decided to recommend the liquidation of the company, subject to approval by the shareholders at an extraordinary general meeting that will be announced soon. The Board also decided to obtain all regulatory approvals to appoint a liquidator for the company and complete the liquidation procedure.