Arabic
We, Qaboos bin Said, the Sultan of Oman
after perusal of Royal Decree 26/75 Issuing the Law Governing the Administrative Apparatus of the State and its amendments,
the Commercial Companies Law 4/74,
and Royal Decree 48/83 Regarding the Mandates of the Ministry of Transportation,
and in pursuance of public interest,
have decreed as follows
Article 1
By virtue of the provisions of this decree, an Omani joint stock company is hereby established under the name of “Oman National Transport Company”, which enjoys the concession to manage and operate the public passenger road transport service in all regions of the Sultanate.
Article 2
The Minister of Transport, representing the Government of the Sultanate, shall, in agreement with the other founders of the company, prepare the articles of association of the company in accordance with the provisions of the mentioned Commercial Companies Law, in a manner that is not contrary to the provisions of this decree.
Article 3
The capital of the company is 6 (six) million Rial Omani, divided into 600,000 (six hundred thousand) shares, with a value of 10 (ten) Rial Omani each, to be fully subscribed to as follows:
(a) 599,800 shares (five hundred and ninety-nine thousand eight hundred shares) for the Government of the Sultanate, with a value of 5,998,000 (five million nine hundred and ninety-eight thousand) Rial.
(b) 100 shares (one hundred shares) for the Port Services Corporation, with a value of 1,000 (one thousand) Rial.
(c) 100 shares (one hundred shares) for Oman Development Bank, with a value of 1,000 (one thousand) Rial.
Article 4
The Government of the Sultanate may in the future dispose of part of its shareholding in the company and offer the corresponding shares for public subscription among Omani institutions and Omani citizens.
Article 5
The term of the company is 30 years, automatically renewed for a similar period or periods.
Article 6
The resources of the company consist of the following:
(a) Appropriations allocated to it by the state in the form of capital appropriations or government loans.
(b) Loans and subsidies approved by the board of directors of the company in accordance with the rules and procedures contained in its articles of association and in coordination with the Ministry of Finance.
(c) Revenue from fares for the services provided by the company in the field of public transport and other related services.
Article 7
All assets of the “Oman National Transport Establishment” are hereby transferred to the company, and it also assumes the obligations of the establishment, at their book value. The net assets of the establishment are considered part of the share of the government in the capital of the company.
Article 8
All employees and workers of the “Oman National Transport Establishment” are hereby transferred to the company with their status, salaries, and all allowances and benefits prescribed for them in the establishment.
Article 9
The company has its head office in the capital and may establish branches in the wilayat as required by operating conditions.
Article 10
This decree must be published in the Official Gazette, and comes into force on the date of its issuance.
Issued on: 6 Shawwal 1404
Corresponding to: 5 July 1984
Qaboos bin Said
Sultan of Oman
Published in Official Gazette 292 issued on 15 July 1984.