Oman's Galfar says rights issue 96% subscribed

Construction company raises more than $34m after offering 49.5 million shares
By Reuters
Thu 17 Oct 2013 01:21 PM

Galfar Engineering, a major construction company in Oman, said a rights issue to buy new shares was 96 percent subscribed, raising OR13.29m ($34.5 million).

The company had offered 49.50 million shares at 0.28 rials 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 0.316 rials on Oman's stock exchange. The company said money raised by the rights issue would strengthen its balance sheet and support its growth.

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