MUSCAT: Galfar Engineering and Contracting Company has sold all its investments in India for around OMR17.2 million, which was revealed to the Muscat Securities Market on Tuesday.

“Further to our previous disclosure dated October 29, 2017, we would like to inform our esteemed shareholders and investors that the company (Seller) has signed a preliminary agreement with PMA international (Buyer), for sale of all its investments in India. (Galfar Engineering & Contracting (India) Pvt. Ltd and Five Special Purpose vehicles for road projects).”

“The parties have agreed for a sale price of RO17.2 million. The buyer will pay RO1.72 million (10 per cent of the sale price) upon signing the finale sale and purchase agreement. The remaining amounts will be paid in four equal half yearly instalments over the period of 24 months with interest at a rate of 5  per cent p.a. on the balance amount along with the half-yearly instalments which will be secured by Guarantees, Pledges and Financial instruments,” the company added.

“All documentation required for execution of this transaction is under process,” Galfar disclosed in the filing.

It added that this transaction is subject to sanctioning of the regulatory body in Oman and thereafter final approval of the shareholders.

PMA International is a multi-sectoral Investment arm and a conglomerate with extensive global expertise in Infrastructure, hospitality, and manufacturing business insights.

PMA International LLC, a part of MFAR Group has a presence in different sectors ranging from Construction, Manufacturing, Hospitality, Education, Manufacturing, Jewelry and Real Estate Development in the Oman, UAE, Qatar, Kuwait, Maldives, Sri Lanka and India.

MFAR Group is founded by Dr P Mohamed Ali.

MFAR has several group companies under its wing: MFAR Constructions, MFAR Developers, MFAR Hospitality and MFAR Carbon, headquartered at Bengaluru, India.