Galfar plans $36m rights issue

Omani contractor to use proceeds to 'support its long term growth'

NEWS, Business, Galfar, Rights issue

Oman-based contractor Galfar Engineering & Contracting has announced plans to raise $36m (OR: 13.86m) through a rights issue.

The company said that it plans to issue 1.5 shares for every ten shares currently held, at a price of 280 baizas per share.

Directors approved the move at a board meeting on Wednesday, 6 March, stating that the money would be used "for strengthening the company's balance sheet and support its long term growth".

Following the rights issue, the paid up share capital of the company will increase by $12.86m (OR: 4.95m) to $98.57m (OR: 37.95m).

At the meeting the board also approved the company's accounts, which are due to be filed with the Muscat Securities Market shortly, as well as proposing a cash dividend of 17.5% per share - or 17.5% of capital.

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