Oman- Al Hassan appoints OAB IMG as manager for fund raising

Date

8/4/2016 9:02:19 AM

(MENAFN- Muscat Daily) Muscat-

Al Hassan Engineering Co's board has approved the appointment of Oman Arab Bank's Investment Management Group as manager for private-placement services.

'The mandate covers raising private equity for both Al Hassan Engineering Co in Oman and its subsidiary Al Hassan Engineering Co Abu Dhabi LLC,' the company said in a filing to the MSM on Wednesday.

Al Hassan added the initiative is in line with its strategy to restructure financial capability for future projects.

In the chairman's report for the first half of 2016, Al Hassan said it has finalised the financial consultants to advise and progress on the intended 'capitalisation' for both parent company and subsidiary in Abu Dhabi.

'The amounts, timing and structure with the information memorandum is expected to be recommended by them [consultants] by third quarter of 2016,' Al Hassan added.

Al Hassan posted a net profit of RO99,000 for the six-month period ended June 30, 2016, against a loss of RO1.34mn a year earlier. The company's contract income increased four per cent to RO53.91mn from RO51.8mn.

Al Hassan said changes/variations to past and present projects continue to have a major impact on the results. It added, 'Continuous attention at the CEO level is being given for closure with all clients where significant amounts are yet to be agreed and /or paid.'

The company said it maintains an order backlog of RO60mn (RO32mn in Oman and RO28mn in UAE) and there are new opportunities in the coming months.

'However, the profitability outcomes are linked with conclusion on agreement with clients on cost /time increases under negotiations,' it added.

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