Cyclone is asking for a right to acquire the shares in Ocean currently owned AAJH arising from the circumstances in which the ASIT were originally acquired by AAJH. Shares in ASIT were subsequently exchanged by Cyclone and AAJH for their current holding of shares in Ocean.AAJH has always been at front and center of the Blue City project. How come the Omani shareholders now want them out? This reminded me of a post in newsBriefsOman about the owner of AAJH, Ahmed Abubaker Janahi, and further of news earlier this year of a lawsuit filed involving one of the financiers of the Blue City project. One of the interesting details in that lawsuit was that AAJH had been declared bankrupt!
If the claim is successful, Cyclone will emerge as the sole shareholder in Ocean. Cyclone is an Omani company wholly owned by Omani shareholders.
What's going on? Of course this is the kind of news that never gets reported in Oman.