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CMA permits Galfar chairman to up stake.

MUSCAT: The Capital Market Authority (CMA) on Thursday said it does not have any objection in increasing the shareholding percentage of Sheikh Salim Said Hamad Al Fannah Al Araimi, provided that it shall not exceed 35 per cent of the company's share capital.

Galfar Engineering & Contracting Company chairman Sheikh Salim Said Hamad Al Fannah Al Araimi earlier submitted a request to the market regulator to increase his current shareholding percentage in the company's share capital to 40 per cent.

Galfar said that the submission by the shareholder to the said request and his intention to increase his shareholding percentage has not been based on any undisclosed material information.

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Publication:Times of Oman (Muscat, Oman)
Date:Sep 22, 2011
Words:140
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