Oman Fisheries Company, which is 24 per cent owned by the government, plans to start a new company exclusively for fishing, said a report.

There are also plans to outsource several activities to reduce cost of operation and to enhance efficiency, added the Times of Oman report.

It also plans to convert the parent company into a holding firm structure, with separate subsidiaries for carrying out different activities, said the report.

We have created the first subsidiary company, which is Al Ameen Stores and Refrigeration, Said Al Rawahi, general manager of Oman Fisheries Company, was quoted as saying to journalists.

The company was established with a capital expenditure of OR2.57 million ($6.68 million) and the unit has won storage tenders, which helped to achieve return on investment within a short span of time.

The company plans to contract with small and medium enterprises in four major activities – running five plants and 16 coastal fishing vessels, managing 10 shops selling fish and supplying 41,000 tonnes of fish to the company’s own and leased plants.

Al Rawahi said that we currently have 16 fishing boats, and the aim is to form a new company for exclusively carrying out fishing activities. It will speed up our expansion programme.

He added that the company also plans to form a separate subsidiary for agricultural products.