MUSCAT — In a board resolution dated May 21, 2026, the company said discussions were held in light of the Annual General Meeting convened on May 4, during which shareholders indicated they were unwilling to provide urgently required financial support or formal undertakings to assist the company.
Despite what the board described as “utmost efforts” to stabilise operations and achieve positive operational results over the past two years, directors said the liquidity position had deteriorated to a point where the company could no longer sustain its activities.
As a result, the board said responsibility for the next steps now rests with shareholders, and resolved to convene a general meeting to discuss key agenda items, including the notification of the board’s decision to resign in full and the election of a new board of directors.
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The resolution also included the approval of the resignation of General Manager Dawood Suleiman Al Wahaibi for personal reasons, effective July 31, 2026.
