Supreme Court decision to have financial impact on Galfar

Muscat: Galfar Engineering and Contracting said that the Supreme Court has issued a decision rejecting the petition filed by the company against the verdict of the Muscat Appeal Court, which nullified the arbitration award.

"We would like to inform our esteemed shareholders and Investors that in reference to our earlier disclosure dated February 19, 2018 on the arbitration award issued in favor of Galfar Engineering and Contracting (Claimant for the Seeb Sewer Network Project Contract. 3", which was subsequently appealed against by the client Oman Wastewater Services Company (Haya Water) (Defendant), the Supreme

Court has issued a decision rejecting the petition filed by Galfar against the verdict of the Muscat Appeal Court, which nullified the

the above-mentioned arbitration award, " the company said in its Muscat Securities Market (MSM) filing.

According to the initial assessment, this decision by the Supreme Court may have a potential financial impact on the books of accounts by approximately RO.21 Million. Henceforward, Galfar will re-initiate the necessary legal proceedings to claim the amounts subject of the dispute in the arbitration award which has been nullified.