Oman's Galfar plans to raise $35.7m in right issue
Muscat, September 21, 2013
Oman-based Galfar Engineering and Contracting has announced plans to increase its capital to over $13.8 million through a rights issue, that will offer shareholders 49.5 million shares at 0.28 rials per share.
Announcing the new plan, Galfar said the rights issue, with 1.5 rights for every 10 shares held, will be closing on September 26. Oman Arab Bank is the financial advisor and issue manager, while collecting banks are Oman Arab Bank and National Bank of Oman.
A leading contracting firm in the Gulf region, Galfar is offering 34.65 million ordinary shares and 14.85 million preferential voting rights shares.
The proceeds of the rights issue will be primarily be used to strengthen the company's balance sheet and enable company to raise long term fund to support its growth, it added.
Galfar has a paid up capital of RO33 million ($85.4 million), while its authorised capital is RO50 million.-TradeArabia News Service