Galfar Engineering wins OMR3.64mn arbitration award
Galfar Engineering and Contracting (Galfar) announced it had won an arbitration award against Oman Wastewater Services Company, with respect to the disputed claims between the parties regarding Al Seeb sewage project contract-3. Awarded amounts total OMR3.6mn, which we expect to reflect positively on 3Q profitability. This is one of four arbitration proceedings between the two parties. (Company disclosure) Galfar: OMR0.10 as of 21 August 2016, Rating: Sell, FV: OMR0.07 per share, MCap: USD113mn, GECS OM / GECS.OM
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