Galfar Engineering and Contracting to explore divestment of India investments

October 29, 2017

The board of directors of Galfar Engineering and Contracting Company has approved to explore potential divestment of the company’s investments in India.

In a disclosure filed with the Muscat Securities Market (MSM) Galfar said its board of directors considered in previous meetings the status of company’s investments in India.

‘The board on Saturday approved and directed to explore potential divestment of these investments. We will keep the market informed with the details as and when these get formalised in compliance with regulation’, Galfar said in its filing to the MSM on Sunday.

Galfar investments in India includes Galfar India and five special purpose vehicles for road projects.

Following this announcement, Galfar shares rose 5.71 per cent on Sunday at the MSM, closing at 74bz. Galfar remained the highest traded stock on the MSM with a total turnover of RO343,565 and volume of 4.65mn shares.