CMA Statement on Recent Developments in the Situations of Raysut Cement Company SAOG
Further to its statement issued on December 4th, 2022 regarding the financial statements of the Raysut Cement Company SAOG and its performance situation, and based on the CMA’s jurisdiction, as stipulated in the Commercial Companies Law and the Securities Law, to protect investors and maintain the stability of the Capital Market, and as an urgent procedure to deal with the reasons of risks on Raysut Cement Company, its shareholders and the other stakeholders, the CMA issued on Sunday (December 11th, 2022) its Administrative Decision No. (149/2022) to immediately dissolve the current Board of Directors of Raysut Cement and appoint a temporary one with experience, competence and independence headed by Hamdan Ahmed Al Shaqsi and the membership of Majid Sultan Al Al Touqi, Dr. Ali Amur Al Ghaithi, Ahmed Saud Al Zakwani and Mubin Jalil Yasin Khan. The term of the Board shall be three years.
The New Board of Directors shall start its tasks to regulate and restructure the Company to ensure the stability of its financial position and deal with the causes that have led the Company to such situation. The Board shall have all the powers, jurisdiction and responsibilities and shall enjoy all the rights set forth in the Commercial Companies Law, Regulations of Public Joint Stock Companies and the Articles of Association of the Company.
The CMA would like to assure the public investors, shareholders of Raysut Cement and other stakeholders that the mission of the Board will be over after it accomplishes its task in leading the Company back to its stable situation and taking the remedial actions required by the CMA after its recent on-site Audit. Afterwards, the shareholders shall elect a board of directors in accordance with the customary procedures.
The CMA, by implementing its supervisory and regulatory tasks, seeks to create a positive investment environment where all completes their assigned tasks and duties in their fields, and that each party bear all the consequences and responsibilities arising thereof. This will enhance consumer’s confidence in investing in an atmosphere full of responsibility, disclosure and transparence while having zero tolerance for any practices that does not meet these principles or the standards of wise governance. The CMA shall not hesitate in taking all its legally authorized measures in maintaining the correct application of the approved laws and procedures.