Troubled Omani container glass manufacturer Majan Glass Co. is to finalise its capital restructuring programme, it was reported on 23 February 2005.
As part of the programme, Majan Glass Co has reduc…
Troubled Omani container glass manufacturer Majan Glass Co. is to finalise its capital restructuring programme, it was reported on 23 February 2005. As part of the programme, Majan Glass Co has reduced its capital to OMR 600,000 (USD 1.6 million/EUR 1.2 million) from the previous OMR 3.0 million (USD 7.8 million/EUR 5.9 million) to offset accumulated losses. The company has also received new capital worth OMR 750,000 (USD 1.9 million/EUR 1.5 million) from the Omani Government as part of a OMR 1.5 million (USD 3.9 million/EUR 2.9 million) financial injection and will shortly obtain the remainder of the sum. Under the restructuring programme, Majan Glass Co also plans to convert into equity a government loan worth OMR 1.0 million (USD 2.6 million/EUR 1.96 million) as well as a OMR 60,000 (USD 155,800/EUR 117,700) bank loan from the state-run Oman Development Bank (ODB) and a OMR 162,000 (USD 420,700/EUR 317,700) loan from the National Bank of Oman (NBO). At the end of the restructuring, Majan Glass Co capital will reach OMR 3.322 million (USD 8.6 million/EUR 6.5 million). Majan Glass Co reported accumulated losses of OMR 3.9 million (USD 10.1 million/EUR 7.6 million) at end-September 2004.