One of the largest construction companies in Oman, Galfar Engineering, a rights issue to purchase new shares was oversubscibed by 96%. This resulted in funding worth OMR13.29 million or USD34.5 million.

The company had offered 49.50 million at OMR0.28 per share to holders. The subscriptions reached 47.47 million and prior to such rights issue, Galfar Engineering had 330 million shares issued outstanding.

The last trading for the shares was at OMR0.316 on the Omani stock exchange. The company said the funds raised by the rights issue would bolster its balance sheet and further support the company's growth.

Galfar Engineering and Contracting W.L.L. Emirates is a company focused on engineering and construction. It provides major EPC projects in oil and gas in other sectors such as Mechanical, Civil, Electrical and Instrumentation projects. The company had expanded its operation in the United Arab Emirates since 1994. Amongst is successful projects in the oil and gas fields such as ADCO, GASCO, Margham Dubai Establishment, TAKREER, TRANSCO and ZADCO.