We are pleased to announce to our esteemed shareholders and investors that Galfar Engineering & Contracting SAOG has completed, on June 1, 2010 acquisition’s procedures of 26 % (i.e. 52,000,000) shares of M/s. Shaheen Al Ghanim Roads & Bridges Contracting Company of Kuwait at a price of KD 4, 022, 353.00.
M/s Shaheen Al Ghanim Roads & Bridges Contracting Company is a company operating in Kuwait, for more than 25 years in infrastructure business, similar line of business of Galfar in infrastructure. This acquisition is helping Galfar to extend its operations in the growing infrastructure business in Kuwait.
A related company Galfar Al Misnad Engineering & Contracting WLL, Qatar and its associates also has taken over the 25% shares of the said company. The business of the newly acquired Shaheen Al Ghanim Roads & Bridges Contracting Company will be managed and controlled by Galfar Engineering & Contracting SAOG and Galfar Al Misnad , Qatar.
It’s worth mentioning that the Board of Directors of Galfar Engineering & Contracting SAOG in its 19th meeting held on May 13, 2010 has approved the acquisition of 26% shares in the said company.
P. Mohamed Ali