MUSCAT – As detailed in FSA’s Administrative Decision No. 12/2025, the company failed to comply with Articles 291, 293, and 298 of the Executive Regulations of the Capital Market Law.

The violation concerns the company’s failure to disclose, in a timely manner, material information related to the extension of power and water purchase agreements with Nama Power and Water Procurement Company (S.A.0.C). It also did not fully disclose the details of awarding the contract for power and water desalination using the multi-stage flash distillation method.

Besides, the company failed to confirm, deny or correct material information that was disclosed by one of its major shareholders.
The FSA based its decision on Article 58/A of the Securities Law issued by Royal Decree No. 46/2022, which authorises the FSA to impose necessary penalties in the event of disclosure violations.
The FSA pointed out that this action is in accordance with its commitment to ensuring transparency and discipline in the financial market and to protecting investors’ rights by emphasizing public joint-stock companies’ compliance with timely disclosure of material information. ‘

The FSA urged all listed companies to fully comply with applicable laws and regulations and stressed the importance of accurate and immediate disclosure to enhance investors’ confidence in the market.