Galfar of Oman announced the acquisition of 26% in Kuwaiti infrastructure firm, Shaheen al Ghanim Roads & Bridges Contracting Company at a cost of KWD 4.022 million.

Shaheen Al Ghanim Roads & Bridges Contracting has been a leading player in Kuwait's infrastructure sector for over 25 years, pursuing a line of business largely similar to that of Galfar, especially on the infrastructure construction front.

Mr P Mohamed Ali MD of Galfar said that consequently, this acquisition will help Galfar extend its operations into Kuwait's growing infrastructure sector. A related company, Galfar Al Misnad Engineering & Contracting, Qatar and its associates have also acquired 25% share in the Kuwaiti firm. 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 of Qatar.

The Board of Directors of Galfar Engineering & Contracting SAOG had approved the acquisition of the 26% stake in the Kuwaiti firm at its 19th meeting held on May 13th 2010.

(Sourced from Oman Observer)