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|19 February, 2019

BRIEF: Galfar Engineering Signs Agreement With PMA International For Sale Of Investments In India

GALFAR ENGINEERING AND CONTRACTING GECS.OM :

* SIGNS PRELIMINARY AGREEMENT WITH PMA INTERNATIONAL FOR SALE OF ALL ITS INVESTMENTS IN INDIA, (GALFAR ENGINEERING & CONTRACTING (INDIA) PVT. LTD AND FIVE SPECIAL PURPOSE VEHICLES FOR ROAD PROJECTS)

* PARTIES HAVE AGREED FOR A SALE PRICE OF RIYAL OMAN 17.2 MILLION

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* BUYER WILL PAY OMR 1.72 MILLION (10% OF SALE PRICE) UPON SIGNING FINAL SALE & PURHASE AGREEMENT

* REMAINING AMOUNTS WILL BE PAID IN FOUR EQUAL HALF YEARLY INSTALMENTS OVER PERIOD OF 24 MONTHS WITH INTEREST AT RATE OF 5% P.A.

* SALE PRICE OF OMR 17.2 MILLION IS AGAINST TOTAL NET BOOK VALUE OF INVESTMENT OF OMR 15.71 MILLION

* THIS TRANSACTION IS EXPECTED TO YIELD A POSITIVE IMPACT OF AROUND RO 1.5 MILLION

Source:(https://bit.ly/2SHmOc5) Further company coverage: GECS.OM

((Reuters.Briefs@thomsonreuters.com;))

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