Oman’s Galfar Engineering Rights Issue 96% Subscribed

Galfar Engineering, a major construction company in Oman, said a rights issue to buy new shares was 96 per cent subscribed, raising OMR13.29 million ($34.5 million).

The company had offered 49.50 million shares at OMR0.28 per share to existing holders, and received subscriptions for 47.47 million. Before the rights issue, Galfar Engineering had 330 million issued shares.

The stock last traded at OMR0.316 on Oman’s stock exchange. The company said money raised by the rights issue would strengthen its balance sheet and support its growth.