Oman Galfar Engineering Tender

As per a disclosure filed to the Muscat Securities Market on Monday Galfar Engineering Contracting Company has executed the sale and purchase agreement with PMA International LLC for selling companys investments in India for a sum of RO17.2mn.Galfar shareholders approved the sale of the companys investments in India to the related party - PMA International LLC in the month of April.Galfars Indian investments covers Galfar Engineering Contracting India Pvt Ltd and five special purpose vehicles for road projects.In regards with the sale of India investments Galfar in previous disclosures had stated that 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.