MUSCAT — The board of directors of Oman Fisheries Company has announced its collective resignation after warning that the company’s worsening liquidity crisis had reached a point where it could no longer continue operations without immediate financial backing from shareholders.
In a board resolution dated May 24, 2026, the company said directors discussed the firm’s financial condition following deliberations held during the Annual General Meeting (AGM) on May 4.
According to the resolution, shareholders expressed unwillingness to provide the urgently required financial assistance needed to sustain the company’s operations and declined to give any undertaking to support such funding.
Read More
- Royal Oman Police rescues injured mountaineer in Al Sharqiyah
- Oman’s tea, coffee imports exceed RO 49 million as café culture expands
- Oman targets 160 participants for Young Ambassadors Programme to highlight youth diplomacy
- Two expats arrested in Dhofar with more than 65kg of crystal meth
- Oman’s SAI requires entities to respond to audit findings within 30 days
The board said it had made “utmost efforts” over the past two consecutive years to return the company to a stable operational path and had achieved positive operational results during that period. However, it stated that the severity of the liquidity crisis had escalated to a level where the company was “no longer able to survive.”
As a result, the board said it had decided to place the matter in the hands of shareholders to determine the next course of action.
The resolution stated that an Ordinary General Meeting would be convened to discuss two key agenda items: informing shareholders of the board’s decision to resign in full and electing a new board of directors.
The company also announced that the resignation of General Manager Dawood Suleiman Al Wahaibi for personal reasons had been approved and would take effect on July 31, 2026.
