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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Five firms win MSM 2018 Quality Disclosure Awards

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As part of its efforts to encourage strict adherence to disclosure regulations, the Muscat Securities Market (MSM) felicitated five listed companies with 2018 Quality Disclosure Awards.


While speaking on the occasion, Ahmed bin Saleh al Marhoon, Director-General of MSM said that the award has been instituted to motivate companies listed on the bourse to be more transparent in their activities.


“All listed companies should comply with the rules and regulations unveiled by the Capital Market Authority regarding disclosures and corporate governance”, he said.


The recipients of the 2018 Quality Disclosure Awards are Al Anwar Ceramic Tiles, Bank Muscat, Bank Nizwa, Semcorp Salalah and Al Anwar Holding.


The ceremony was held at MSM trading hall, under the auspices of Abdul Salam bin Mohammed al Murshidi, CEO of the State General Reserve Fund in the presence of a number of CMA officials and executives of listed companies.


Talking to the Observer on the sidelines of the award presentation ceremony, Al Marhoon disclosed that the MSM is currently working on setting up new standards to achieve more proficiency in the brokerage business.


According to the director- general, the local bourse has distinguished itself as a pioneer among its regional peers in terms of transparency and disclosure regulations.


“Adherence to the regulations will improve efficiency and effectiveness of the securities market and provide justice to shareholders”, he said.


Al Marhoon said that disclosure is the basis of transactions in the financial markets, which enhances the credibility of companies and raises the level of awareness about their activities.


“This strengthens the confidence of traders in the financial markets and makes an environment attractive for investments which in turn will help the national economy”, he said.


About 2018 Quality Disclosure Awards, the director- general said that the idea is to honour and recognise companies for their efforts in maintaining transparency by adopting quality disclosure methods.


“This is an incentive for the companies for their clarity, realism, accuracy of disclosure and credibility of information”, he said.


The competition for the award was considered to be represented by listed companies in the regular and parallel market.


“We considered the principles of valuation to increase the number of trading days in these companies to 30 days according to their data and work for 2017”, he informed.


The standards also included the timing of disclosure of the quarterly and annual financial statements, the clarity and realism and accuracy of disclosure, the credibility of disclosed information, and the speed of response to inquiries regarding disclosure. These standards have been professionally dealt with by a form team for this purpose.


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