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Quriyat plant to close upon AGM decision - Ministry

Quriyat plant to close upon AGM decision - Ministry
CMI
CMII
0.00% 0.05 0.00
A statement from the Board of Construction Materials Industries Co. to the Muscat Securities Market stated that the letter received from the Ministry of Environment and Climate affairs dated March 20 states that Ministry has refused to give the Company the environmental permission because the Plant and Quarry at Quriyat are not located in the proper area and are very close to a residential area. This environmental permission affects all other permissions to operate the plant.Since there is no environmental permission, the company could not get all other permissions required from various Ministries to operate the Quriyat Plant. The Ministry of Housing has also refused to accept the land rent because it did not receive permission from the Ministry of Environment and Climate Affairs. The Ministry of Environment and Climate Affairs has also served another notice on May 21 after their visit to the plant and stated that the company does not have the permission to operate the plant here after. Based on the above decisions from the related Ministries, the Board of Directors’ meeting held on June 11 has decided unanimously to close the Plant and Quarry located at Quriyat and terminate all their employees. In addition the Board has decided to invite the AGM to get permission from the shareholders to sell the Plant and Quarry Assets belonging to the Quriyat Plant and all other non-performing assets of the company.