Galfar to sell all investments in India

Muscat: Galfar Engineering and Contracting Company has signed an agreement for the sale of all its investments in India at a cost of OMR 17.2 million, the company revealed through Muscat Securities Markets, the Sultanate's national stock exchange.

According to a statement issued by Galfar, “Further to our previous disclosure dated 29th October 2017, we would like to inform our esteemed shareholders and investors that the company (Seller) has signed today the 18th of February 2019 a preliminary agreement with PMA international (Buyer), for sale of all its investments in India. (Galfar Engineering & Contracting (India) Pvt. Ltd and Five Special Purpose vehicles for road projects).”

“The parties have agreed for a sale price of Riyal Oman 17.2 Million. The buyer will pay OMR 1.72 million (10 % of the sale price) upon signing the finale sale & purchase agreement. The remaining amounts will be paid in four equal half yearly installments over the period of 24 months with interest at a rate of 5 % p.a. on the balance amount along with the half-yearly installments which will be secured by Guarantees, Pledges and Financial instruments,” the company added.

“All documentation required for execution of this transaction is under process,” Galfar disclosed.