PSC asked to continue Muscat port operation

Business Reporter –
MUSCAT –
Dec 21: In a new twist to the continuing saga playing out over the operation and management of Muscat’s Port Sultan Qaboos, Port Services Corporation (PSC) says it is weighing a request from the Ministry of Transport and Communications to continue running the maritime gateway for a further three months up to March 31, 2017.
PSC, which recently announced its decision to go into liquidation upon the expiry of its current operation and management licence on December 31, 2016, said the request came in a letter received from Dr Ahmed bin Mohammed al Futaisi, Minister of Transport and Communications.
Disclosing the request in a filing to the Capital Market Authority (CMA) yesterday, PSC Company Secretary Mohammed Osman El Hag Yousif said: “The Board of Directors of the Corporation is studying this request taking into consideration the decisions taken by the shareholders in the 2nd Extraordinary General Meeting (EGM) held on December 7, 2016 and the local laws and regulations. The outcome of the decision of the Board of Directors will be disclosed at the earliest after their review and study.”
At the 2nd EGM, shareholders unanimously decided to liquidate the Corporation upon the expiry of its current concession. They also appointed accounting and advisory firm Moore Stephens to oversee the liquidation process.
That decision by PSC meant that Oman Tourism Development Company (Omran), the wholly government owned tourism development and investment company, was expected to take over operation and management of the port with effect on January 1, 2017.
It stemmed from a reported commitment by Omran to absorb PSC’s existing staff as well as acquire some of the key marine assets that are a prerequisite for the smooth and efficient delivery of marine services to vessels visiting the port. Omran as Master Developer has been given the mandate to implement the Mina Al Sultan Qaboos Waterfront Project — an ambitious initiative to transform the port into a distinctive mixed use tourism, leisure and cruise destination.

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