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Galfar clarifies arbitration news; wins OMR60mn contract

Galfar Engineering (Galfar) has issued a clarification regarding the news in relation to its arbitration award against Oman Waterwater Services Company. The amount awarded was OMR3.59mn (inclusive of the arbitration costs) and not the originally announced OMR3.64mn. Management has also clarified that the collected amounts were in line with the amounts included within the receivables balance, which implies no one-off-gains from the award win. On a separate note, Galfar has announced that it had been awarded a OMR60.7mn contract to build a fishery port at Duqm for the Special Economic Zone Authority, Duqm. The duration of the contract is 30 months. This brings total awards YTD to OMR320mn, in line with our estimate for 2016e. (MSM, Mai Attia, Sara Boutros)   Galfar: OMR0.11 as of 24 August 2016, Rating: Sell, FV: OMR0.07 per share, MCap: USD115mn, GECS OM / GECS.OM  

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