Oman: FSA issues warning to Barka water and power company
MUSCAT: The Financial Services Authority (FSA) has issued an official warning to Barka Water and Power Company (SAOG) for breaching disclosure requirements under the Executive Regulations of the Capital Market Law.
According to Administrative Decision No. 12/2025, the company failed to comply with Articles 291, 293, and 298 of the regulations issued under Decision No. 1/2009. The violations pertain to the company's failure to disclose, in a timely manner, material information regarding the extension of power and water purchase agreements with Nama Power and Water Procurement Company (SAOC).
Additionally, Barka Water and Power Company did not adequately disclose information about the awarding of a contract related to power and water desalination using the multi-stage flash distillation method. The company also neglected to confirm, deny, or correct material information that had been publicly disclosed by one of its major shareholders.
The FSA's action is based on Article 58/A of the Securities Law issued by Royal Decree No. 46/2022, which authorises the Authority to impose necessary penalties in cases of disclosure violations.
The Authority reiterated its commitment to upholding transparency and discipline in the financial market. It underscored the importance of listed companies adhering to timely and accurate disclosure of material information in order to safeguard investors' interests and enhance confidence in the market.
The FSA urged all public joint-stock companies to fully comply with the applicable legal and regulatory frameworks governing the capital market.
2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
34 minutes ago
- Zawya
Oil to open higher as US strikes on Iran boost supply risk premium
LONDON: Oil is likely to rise by $3-5 per barrel when trading resumes on Sunday evening after the U.S. attacked Iran at the weekend, market analysts said, with gains expected to accelerate only if Iran retaliates hard and causes a major oil supply disruption. U.S. President Donald Trump said he had "obliterated" Iran's main nuclear sites in strikes overnight, joining an Israeli assault in an escalation of conflict in the Middle East as Tehran vowed to defend itself. Iran is OPEC's third-largest crude producer. "An oil price jump is expected," said Jorge Leon, head of geopolitical analysis at Rystad and a former OPEC official. "Even in the absence of immediate retaliation, markets are likely to price in a higher geopolitical risk premium." Global oil benchmark Brent crude could gain $3 to $5 per barrel when markets open, SEB analyst Ole Hvalbye said in a note. Brent settled at $77.01 a barrel on Friday and U.S. West Texas Intermediate at $73.84. Ole Hansen, analyst at Saxo Bank, said crude could open $4 to $5 dollars higher, with potential for some long positioning being unwound. Crude had settled down on Friday after the U.S. imposed fresh Iran-related sanctions, including on two entities based in Hong Kong, and counter-terrorism-related sanctions, according to a notice on the U.S. Treasury Department website. Brent has risen 11% while WTI has gained around 10% since the conflict began on June 13 with Israel targeting Iran's nuclear sites and Iranian missiles hitting buildings in Tel Aviv. Currently stable supply conditions and the availability of spare production capacity among other OPEC members have limited oil's gains. Risk premiums have typically faded when no supply disruptions occurred, said Giovanni Staunovo, analyst at UBS. "The direction of oil prices from here will depend on whether there are supply disruptions - which would likely result in higher prices - or if there is a de-escalation in the conflict, resulting in a fading risk premium," he said. A senior Iranian lawmaker said on June 19 that the country could shut the Strait of Hormuz as a way of hitting back against its enemies, though a second member of parliament said this would only happen if Tehran's vital interests were endangered. About a fifth of the world's total oil consumption passes through the strait. SEB said any closure of the strait or spillover into other regional producers would "significantly lift" oil prices, but they saw this scenario as a tail risk rather than a base case given China's reliance on Gulf crude. Ajay Parmar, oil and energy transition analytics director at consultancy ICIS, said it was unlikely Iran would be able to enforce a blockage of the strait for too long. "Most of Iran's oil exports to China pass through this strait and Trump is unlikely to tolerate the inevitable subsequent oil price spike for too long - the diplomatic pressure from the world's two largest economies would also be significant," he said. (Reporting by Anna Hirtenstein, Ahmad Ghaddar, Robert Harvey and Seher Dareen in London, Arunima Kumar in Bengaluru, editing by Alex Lawler, Clelia Oziel and Giles Elgood)
Zawya
34 minutes ago
- Zawya
Flights from Israel will partially resume on Monday, Airport Authority says
JERUSALEM: Flights to and from Israel's main airport will partially resume on Monday, Israel's Airport Authority said on Sunday, with safety restrictions limiting the number of flights and passengers. "Beginning tomorrow, Monday, June 23, 2025, both incoming and outgoing flights will resume at Ben Gurion Airport, marking a significant step toward the gradual restoration of routine international travel," the IAA said in a statement. (Reporting by Maayan Lubell; Editing by Andrew Cawthorne)
Zawya
an hour ago
- Zawya
Oman to introduce 5% income tax on high earners from 2028
Muscat – Oman will implement a 5% income tax on individuals with annual earnings exceeding RO42,000 starting January 2028, marking a milestone in the sultanate's fiscal reform agenda and the first such measure in the GCC. The new tax regime, outlined in a law comprising 76 articles across 16 chapters, aims to broaden revenue streams while ensuring that most citizens remain unaffected. Karima bint Mubarak al Saadiya, Director of the Individual Income Tax Project at the Tax Authority, said that all preparations for the rollout have been completed. She confirmed that executive regulations will be issued within a year of the law's publication in the Official Gazette. 'Guidelines for individuals and legal entities are being prepared and will be released in line with an approved timeline,' she added. According to the Tax Authority, only about 1% of the population is expected to fall within the taxable bracket, based on income data gathered from multiple government entities. The exemption threshold has been set deliberately to shield the majority of citizens from taxation. The measure is part of Oman's wider plan to strengthen public finances and reduce reliance on oil revenue, aligning with broader economic diversification goals under Oman Vision 2040. © Apex Press and Publishing Provided by SyndiGate Media Inc. (
