MUSCAT: The Capital Market Authority (CMA) has issued a decision to suspend the implementation of the resolutions made during the Extraordinary General Meeting of Oman Investment and Finance Company LLC (OIFC) held on June 21, 2023. These resolutions involved the merger of OIFC with Dhofar International Development and Investment Holding Company through consolidation.
The suspension was prompted by objections raised by a group of shareholders who collectively own more than 5 per cent of the company's shares. The CMA, after careful evaluation of the objections and resolutions, issued Decision 46/2023 on July 9, 2023, to temporarily suspend the decisions made during the Extraordinary General Meeting.
According to the Commercial Companies Law, the interested parties must now file a lawsuit with the appropriate court within five working days to request the annulment of the decisions. Failure to do so, while notifying the competent authority, will render the suspension decision null and void.
The CMA has reiterated its commitment to protecting the interests of small shareholders and ensuring a safe investment environment within the companies under its supervision. The regulatory framework governing the capital market aims to safeguard the rights of all stakeholders involved in stock exchange transactions.
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