Construction

Gulfar explores finance restructuring options

Contractor looking at various options to bring down its bank loans

Gulfar Engineering is exploring their options in terms of restructuring their finances.

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Gulfar Engineering and Contracting, the Oman construction contracting firm, said on Wednesday that it is looking at various options for restructuring its finance, as it looked to reduce the cost of funds.

Dr P Mohammed Ali, vice chairman and managing director of the company, he told The Times of Oman in an exclusive interview, that the company was looking at various options to bring down its bank loans.

However, he declined to give further details on the options available to the company, explaining that it was premature to comment and that the company would have to inform the Capital Market Authority before divulging it to the media. He added that the board was yet to consider a proposal.

He added that the company’s order book position was around $1.81bn by the end of September 2012.

“Since the Oman government has a lot of plans for infrastructure development, we will get a fair share,” he told the newspaper.

Dr Ali said that Galfar was now looking to bid for major infrastructure projects, specifically those where “we have our competency, capacity and capability.”

“For example, we have projects in Hallaniyat Islands and Hasik and Shuwaimiyah. These are projects that cannot be implemented by any contractor. We need experience and capacity to mobilise resources (for such difficult projects).”

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