Oman


Galfar plans measures to instill confidence among investors



Muscat: Galfar Engineering and Contracting Company, whose two employees were recently convicted by an Omani court on graft charges, has decided to take a series of measures to revive investors' confidence.

The aim is to instill confidence among the investors as well as business associates, who include Galfar's major clients.

Market sources noted that buying support may come from certain corners to pep up the share price. The promoters, or even pension funds, may support the stock as the company is not only one of the largest employers in the private sector in the Sultanate but also a big player in contracting field in the entire Gulf region.

Galfar is the single largest private sector company in Oman employing the largest number of people, including Omanis.

According to market sources, Galfar Engineering and Contracting, which has an order book of around OMR600 million, will soon have to come out with a "clear succession plan on the leadership".

The board and the major shareholders will have to take a call because the contracting business in Oman "is really complicated", analysts said, adding that the board also has to work on the plan to ensure that the company's day-to-day operations are not disturbed.

The company on Monday said that its board would convene an emergency meeting to review the situation and formulate an urgent action plan to ensure that its operations are not affected. It is, however, not clear whether the board has already met or is going to meet before the weekend.

Senior company officials, when contacted, declined to divulge any information.

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