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Galfar sets record date for rights issue

Omani construction firm, Galfar Engineering and Contracting Co has set September 1 as the record date for its upcoming OR13.86m rights issue, Muscat Daily has reported. The proceeds from the issue will be used to boost the firm's balance sheet and support long-term growth, said Galfar. The company had reported a 56% jump in net profit to OR5.04m in the first half of 2013, compared with OR3.23m in the same period last year.