Muscat – Port Services Corporation (PSC) the Ministry of Transport & Communications (MOTC) in a disclosure to Muscat Securities Market (MSM) has accepted to agree to all the terms and conditions given by it to manage the Muscat port for one more year.
The company said in a statement said, “We refer to the disclosure made by Port Services Corporation on December 25, 2016 and the Corporation’s letter dated December 25, 2016 to the Minister of Transport & Communications conveying the decision of the majority of the board of directors to extend the concession agreement to manage and operate Port Sultan Qaboos (PSQ), subject to the Ministry of Transport & Communications (MOTC) accepting and agreeing to all the terms and conditions as given by the corporation.
The statement added at the meeting held on December 27, which was attended by the concerned officials from MOTC, Omran & Waterfront and Marina Services, it was decided:
1 MOTC has approved to extend the concession agreement to manage and operate PSQ, with the same terms and conditions, for a period of one yearup to December 31, 2017 as given in the corporation’s letter dated December 25, to the Minister of Transport & Communications.
2. MOTC will officially reply to the Corporation’s letter to confirm what was approved in the meeting held on December 27, 2016.
3.Accordingly, the corporation will continue to operate and manage PSQ and will initiate all the necessary steps to obtain approval from the Capital Market Authority to convene an Extra Ordinary General Meeting of the shareholders of the Corporation in January 2017 to defer the liquidation of the corporation.