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Sun 3 Jun 2007 12:00 AM

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Galfar to go for August IPO

Oman-based Galfar Engineering and Contracting plans to raise US$155.8m in an initial public offering in August 2007.

Oman-based Galfar Engineering and Contracting plans to raise US$155.8m in an initial public offering in August 2007. Galfar will offer 100 million shares - made up of 60 million existing and 40 million new - at 600 baisas each. Non-Omanis will be allowed to take up to 40% of the issue. Galfar last week secured a deal to provide ‘off plot' facilities at Petroleum Development Oman's Qarn Alam steam-injection project.

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