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Financial Services Authority appoints Shabib Mohammed Al Darmaki as chair of Raysut Cement

Oman: The Financial Services Authority has reconstituted the board of directors of Raysut Cement. It has appointed Shabib Mohammed Al Darmaki as its chair with Naser Jumaa Al Zadjali, Badr Awad Al Shanfari, Ali Rashid Ali Al Shuhi and Abdulhameed Ahmed Al Balushi as members. The new board is intended to follow the role of the previous board by completing the “reorganisation and restructuring of the company and fine-tune its governance to ensure stability of its financial and operational positions to correct its path to ensure sustainable performance and protect the interest of all the shareholders and enhance the stability of the market.”

In December 2022 the Capital Market Authority (CMA) replaced the board of directors of Raysut Cement and appointed a temporary one following a financial audit. This followed the CMA publicly questioning the validity of the company’s third quarter results in 2022 when it detected ‘material misrepresentation.’

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