Galfar plans to hold media briefing over settlement details

09/06/2015 08:48 AST

Trading suspension on shares of Galfar Engineering and Contracting firm continued on the sixth trading session on the Muscat Securities Market, pending detailed information on the settlement of compensation for Muscat Expressway.

And the board of directors and senior management of the company will hold a press conference on Tuesday on the settlement between the company and Muscat Municipality regarding the Muscat Expressway and the Central Corridor.

The press conference will be held on request by Capital Market Authority (CMA) to explain the issue to investors for more transparency and disclosure.

CMA has suspended trading of Galfar's shares on June 3 for failure to disclose the amounts due in consideration of the settlement offered by Muscat Municipality.

The company has disclosed twice through MSM website that the board of directors has rejected in its meeting dated May 31 Muscat Municipality's settlement offer without indicating the amount.

The second disclosure indicated the settlement amount is OMR29.9 million without indicating the amounts due to the company recorded in its books.


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