Galfar approves sale of its India investments

Muscat - 

The shareholders of Galfar Engineering & Contracting Co approved the sale of the company’s investments in India to the related party PMA International LLC.

In February, Galfar had signed a preliminary agreement with PMA International LLC to sell all of its investments in India for a value of RO17.2mn.

The company held an EGM of shareholders at Hormuz Grand, Muscat on Monday. The shareholders also approved authorising the board of directors to do all that is needful to conclude the sale transaction of the company’s investments in India.

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

In its previous disclosure 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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