The Capital Market Authority (CMA) has suspended the trading of shares in Oman-based Raysut Cement SAOG after material misrepresentations were spotted in the company’s unaudited financial reports for the second quarter of 2022, published on 10 November 2022.
According to the Oman Daily Observer, the misrepresentations were picked up during an audit of the results as they were inconsistent with international accounting standards and therefore the results do not reflect the real financial position of the company. The CMA has requested that “remedial action” is taken to resolve the situation and urged all those with financial links to the company to take extra care when making investment decisions.
“Due to the material nature of the misrepresentations and the huge impact on the equity and profit and loss accounts, the CMA calls on the shareholders, investors, stakeholders and those interested in the financial statements of Raysut Cement SAOG to take care and exercise due diligence when making investment decisions and shall not rely on the financial statements disclosed earlier by the company and rely on the corrected financial statement which will be filed on the website of the Muscat Stock Exchange today November 27, 2022 after being corrected,” said the CMA in a statement.
