Galfar sells its India investments for RO17.2mn

Muscat - 

Galfar Engineering & Contracting Company has executed the sale and purchase agreement with PMA International LLC for the sale of company’s investments in India for a sum of RO17.2mn, according to a disclosure filed to the Muscat Securities Market on Monday.

Earlier in April, Galfar shareholders approved the sale of the company’s investments in India to the related party - PMA International LLC.

Galfar’s investments in India include Galfar Engineering & Contracting (India) Pvt Ltd and five special purpose vehicles for road projects.

In previous disclosures regarding the sale of India investments, Galfar had said, ‘The sale price of RO17.2mn is against the total net book value of investments of RO15.71mn. The transaction is expected to yield a positive impact of around RO1.5mn for the company.’

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