Galfar Engineering, a major construction company in Oman, has raised OR13.29m ($34.5 million) from a rights issue. Â
The compnay said the rights issue was 96% subcribed. It had offered 49.50 million shares at 0.28 rials per share to existing holders, and received subscriptions for 47.47 million. Before the rights issue, Galfar Engineering had 330 million issued shares.
The stock last traded at 0.316 rials on Oman’s stock exchange.
Galfar said money raised by the rights issue would strengthen its balance sheet and support its growth.
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