Galfar issues update on IWT arbitrary award

By Business Reporter — MUSCAT:  Dec 24: Omani contracting firm Galfar Engineering and Contracting Co SAOG says its associate company, International Water Treatment (IWT), has complied with the award decision in arbitration proceedings with its client, Muscat City Desalination Company SAOC, and has settled the applied delay penalty as liquidated damages and associated cost adjudged under the award. Galfar has a 30 per cent shareholding in IWT, along with Cadugua Spain and Wabag India. “The final impact on the consolidated accounts of Galfar for this award in the current year will be RO 3.121 million which is in excess of what was estimated at the time of our previous disclosure of RO 2.426 million (being 30 per cent share of $21.0 million net impact),” said Galfar CEO Dr Hans Erlings in a filing to the Capital Market Authority.