MUSCAT, JULY 9 - Oman Chromite Company, a publicly traded company listed on the Muscat Securities Market, has announced that the government’s 15 per cent stake in the company has been transferred to the State General Reserve Fund (SGRF), a sovereign wealth fund of the Sultanate of Oman. Announcing the transfer in a filing to the Capital Market Authority (CMA), Oman Chromite said: “We are pleased to announce that the company has received on July 8, 2018 a copy of the Ministry of Finance letter on the subject of the decision to transfer the government shares to the State General Reserve Fund. The transfer will be made in accordance to the rules made in the agreement between the Ministry of Finance and the State General Reserve Fund,” it stated.
Oman Chromite Company was established by Royal Decree 65/91 as a joint stock company with a capital of RO 3 million. The company has been operating in the mining sector as a producer of metallurgical and refractory grade chromite ores mined in the hills around Suhar. Revenues totalled RO 2.07 million in 2017, which was around 8 per cent lower than the previous year’s total of RO 2.25 million.
Oman Observer is now on the WhatsApp channel. Click here
