Trading on Galfar shares suspended

August 23: Muscat Securities Market (MSM) on Tuesday suspended trading in the shares of Galfar Engineering and Contracting Company for lack of details about the arbitration award disclosure.

Galfar Engineering in a disclosure note filed to the MSM on Monday said that a final arbitration award was issued in one of the four arbitration proceedings between the company and Haya Water.

The company informed the local bourse that it received a compensation of RO 3.64 million in respect of the disputed claims between the parties in Al Seeb sewage project contract-3.

The Capital Market Authority has been taking stringent action against companies for lack of disclosures regarding corporate deals.

According to information from sources in MSM, “the market regulator is not satisfied with the disclosure note and asked Galfar to furnish additional and detailed information about matter relating to the arbitration proceedings”.

The CMA also wanted to know whether the amount is already recorded in the book against which the settlement offer has been received, the sources said.