Galfar to divest stake in Indian operations
MUSCAT: Galfar Engineering and Contracting Company, the Sultanate’s biggest contracting firm, is planning to divest its stake in its investments in India. Galfar has investments in Galfar India and five special purpose vehicles for road projects.
The board has approved and directed to explore potential divestment of these investments, Galfar said in a disclosure statement posted on MSM website.
Galfar Engineering and Contracting earlier said that the company has achieved a consolidated revenue of OMR221.29 million for the first nine months of 2017, against OMR257.52 million for the same period of last year. Also, the total consolidated expenses of the company were lower at OMR224.65 million, against OMR256.82 million during the period. Galfar’s net loss was OMR3.76 million for JanuarySeptember period of this year, against a profit of OMR198,000 for the same period of last year.