Mubasher: The extraordinary general meeting (EGM) of Port Services Corporation approved liquidating the company as of 1 January 2017 after the expiry of the present concession agreement 31 December, according to a bourse filing on Thursday.

The extraordinary meeting agreed to hire Moore Stephens as the liquidator of the Corporation, said the company, the filing showed.

The liquidator is authorized to conclude any settlement with creditors, to accept arbitration on the Corporation’s behalf, and to waive any insurance or any other kind of security for less than its full value.

The EGM also authorized the liquidator to sell and transfer all the company’s assets as well as projects