This is apropos a news story "Byco decides to lay off hundreds of employees" carried by Business Recorder on February 27th 2016, mentioning the rightsizing was due to the immense pressure from UAE-based shareholder.
"It is categorically stated that rightsizing is a part of cost cutting measures, which is primarily due to the declining crude oil prices; companies globally have reacted to this crises situation by cost cuts wherever possible, be in overheads, operating costs, research and development or cash outlays like capital expenditures, to conserve cash flows for future dividend outflows.
"As mentioned in the official statement of February 26th 2016, detailed exercise has been conducted by the management and measures have been put in place to adopt across the board initiatives focusing on increasing synergies across various companies and operating platforms, reducing costs and supporting business priorities. It is pertinent to mention that restructuring was management suggested after thorough deliberations.
"The management proposed to and received from the Board of Directors the requisite approvals for the rightsizing plans."