07 June 2010
MUSCAT: Oman's engineering and construction giant Galfar has acquired a 26 per cent stake in Kuwaiti infrastructure firm Shaheen Al Ghanim Roads & Bridges Contracting Company at a cost of KD4.022 million, Galfar chairman Salim Said Al Fannah Al Araimi announced at a press conference yesterday at his Al Khuwair office.
The stake constitutes 52 million shares in the Kuwaiti company. Supplementing to Araimi's announcement, Dr P. Mohammed Ali, vice-chairman and managing director of Galfar, said that the Galfar Al Misnad Engineering & Contracting, Qatar and its associates have also acquired an additional 25 per cent stake in the same Kuwaiti firm, totalling it up to 51 per cent for Galfar.
Salim Said Al Fannah Al Araimi said, "This clearly reveals Galfar will have control of the company which has currently been awarded several construction contracts in Kuwait. Moreover the company has licence to buy clinkers and thereby produce cement. Shaheen has RO36 million projects at hand and it is only a matter of time we execute them."
Salim Araimi pointed out that this acquisition will facilitate Galfar to make new inroads into Kuwait's emerging and growing infrastructure sector.
Accomplishment
In yet another accomplishment, the Galfar has been awarded a contract to execute three important highway projects in India on Build, Operate, Own and Transfer basis.
"India and Libya have demonstrated its resilience to global financial crisis this time around and holds promise in the domain of infrastructure development," Salim added. The projects in India include the Indore-Ujjain state highway, Chandikhole-Jagatpur-Bhubaneshwar national highway, and Aligarh-Ghaziabad national highway. The work entails construction of the Indor-Ujjain road on a BOT basis through Mahakaleshwar Tollways Pvt Ltd (MTPL), a special project vehicle formed by a consortium of three companies.
Galfar Engineering & Contracting SAOG Oman is 26 per cent stakeholder in MTPL, having subscribed to a share capital of RO2.10 million in MTPL.
The second work involves four-laning a 125-km stretch of NH 91 between Ghaziabad and Aligarh. The concession period is 24 years and construction is scheduled for completion in 30 months.
It also includes the work of six-laning of Chandikhole-Jagatpur- Bhubaneshwar stretch on NH-5.
Galfar plans to set up joint ventures with local Libyan firms and bid for projects towards the end of the year. Mohammed Ali said that Galfar's reasonable growth in order-book and bright industry prospects augur well for its earning's growth.
Galfar's order-book position was over RO450 million.
Mohammed Ali averred that Galfar has a healthy order book position and expects to post improved results in the second half of the year.
Also present on the occasion was Jai K. Salvi, vice-president, Business Development and strategic planning, Galfar.
MUSCAT: Oman's engineering and construction giant Galfar has acquired a 26 per cent stake in Kuwaiti infrastructure firm Shaheen Al Ghanim Roads & Bridges Contracting Company at a cost of KD4.022 million, Galfar chairman Salim Said Al Fannah Al Araimi announced at a press conference yesterday at his Al Khuwair office.
The stake constitutes 52 million shares in the Kuwaiti company. Supplementing to Araimi's announcement, Dr P. Mohammed Ali, vice-chairman and managing director of Galfar, said that the Galfar Al Misnad Engineering & Contracting, Qatar and its associates have also acquired an additional 25 per cent stake in the same Kuwaiti firm, totalling it up to 51 per cent for Galfar.
Salim Said Al Fannah Al Araimi said, "This clearly reveals Galfar will have control of the company which has currently been awarded several construction contracts in Kuwait. Moreover the company has licence to buy clinkers and thereby produce cement. Shaheen has RO36 million projects at hand and it is only a matter of time we execute them."
Salim Araimi pointed out that this acquisition will facilitate Galfar to make new inroads into Kuwait's emerging and growing infrastructure sector.
Accomplishment
In yet another accomplishment, the Galfar has been awarded a contract to execute three important highway projects in India on Build, Operate, Own and Transfer basis.
"India and Libya have demonstrated its resilience to global financial crisis this time around and holds promise in the domain of infrastructure development," Salim added. The projects in India include the Indore-Ujjain state highway, Chandikhole-Jagatpur-Bhubaneshwar national highway, and Aligarh-Ghaziabad national highway. The work entails construction of the Indor-Ujjain road on a BOT basis through Mahakaleshwar Tollways Pvt Ltd (MTPL), a special project vehicle formed by a consortium of three companies.
Galfar Engineering & Contracting SAOG Oman is 26 per cent stakeholder in MTPL, having subscribed to a share capital of RO2.10 million in MTPL.
The second work involves four-laning a 125-km stretch of NH 91 between Ghaziabad and Aligarh. The concession period is 24 years and construction is scheduled for completion in 30 months.
It also includes the work of six-laning of Chandikhole-Jagatpur- Bhubaneshwar stretch on NH-5.
Galfar plans to set up joint ventures with local Libyan firms and bid for projects towards the end of the year. Mohammed Ali said that Galfar's reasonable growth in order-book and bright industry prospects augur well for its earning's growth.
Galfar's order-book position was over RO450 million.
Mohammed Ali averred that Galfar has a healthy order book position and expects to post improved results in the second half of the year.
Also present on the occasion was Jai K. Salvi, vice-president, Business Development and strategic planning, Galfar.
By Aftab H. Kola
© Times of Oman 2010
