Oman's ONEIC gets $2.75mln settlement from government entity

The proceeds of this settlement will not affect the financial results of the company

  
Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh

In an amicable settlement reached with a government entity, Oman National Engineering and Investment Company (ONEIC) will receive RO1.058mn during 2020.

In a a disclosure issued to Muscat Securities Market, ONEIC said, 'We would like to inform the esteem shareholders and investors that ONEIC has reached on July 2, 2020 an amicable settlement with a government entity that shall result in receiving an amount of RO1.058mn during 2020.'

It added that the proceeds of this settlement will not affect the financial results of the company as it is the amount due outstanding to the company, which is now settled.

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