MUSCAT- Sweets of Oman, the well-known confectioner, has recently released a disclosure to the Muscat Stock Exchange announcing its plans to liquidate the company. This decision comes following a meeting of the company’s board of directors regarding the “company’s deteriorating financial positions,” which apparently could not be fixed within the time frame given by the Capital Market Authority.
According to the disclosure, after discussing the company’s burden and liabilities, the board of directors has agreed to liquidate the company, keeping in mind shareholder interests and three years’ worth of efforts to boost the activities of the company. The company will be halting all its activities for one and a half years in light of growing operational challenges. The filing further notes that the company was able to get hold of one investor, who, however, is uncertain to invest in the company and has not provided any written confirmation so far.
The board has announced that the process of liquidation of the company will commence following an Extraordinary General Meeting about the matter.