Port Services Corp defers liquidation until Jan 2018

By Business Reporter — MUSCAT: Jan 21 – Shareholders of Port Services Corporation (PSC), the operator of Muscat’s Port Sultan Qaboos, has unanimously agreed to nullify their earlier resolution to liquidate the Corporation with effect from January 1, 2017. The decision was adopted at the Extra Ordinary General Meeting (EGM), which was attended by shareholders 82.4 per cent of the Corporation’s shares (78,319,145 shares out of a total 95,040,145 shares). The EGM also unanimously agreed to defer the liquidation until January 2018 after the expiry of the Corporation’s concession agreement with the Ministry of Transport and Communications on December 31, 2017.

PSC posted a 25.4 jump in gross operating revenue for the fiscal year ended on December 31, 2016. Announcing its unaudited initial financial results last week, the corporation recorded that net profit for 2016 surged 246 per cent to RO 2.716 million compared to a loss of RO 1.860 million in 2015. Total operating expenses fell 49.4 per cent to RO 3.688 million last year, down from RO 7.289 million in 2015. The latter figure included an amount of RO 1.813 million paid towards voluntary end-of-service benefits to outgoing staff as part of a downsizing of the corporation’s workforce.