Haya Water, the Sultanate’s state-owned company that operates wastewater network and sewage treatment plants has been ordered by a court to pay Galfar Engineering and Contracting over OMR23 million, according to a statement submitted to the Muscat Securities Market.
In a statement on Tuesday, MSM said: “We would like to inform shareholders and investors of the ruling in the second arbitral proceedings out of four arbitral proceedings between the Galfar Engineering and Contracting Company SAOG and the Oman Wastewater Services Company SAOC Haya Water, on disputed claims between the parties in the Seeb Sewage Contract Project,” MSM said.
“The ruling obligates Haya Water to pay to Galfar all awarded amounts in a sum amounting to OMR 18,860,533.260, plus interest at a rate of 7 per cent from the date of 5/11/2014 up to the date of award on 15/2/2018, which is equal to OMR 4,252,535.357.
“Accordingly, the awarded total amount is equal to OMR 23,113,068.617 subject to an interest increase at 7 per cent from the date of the award (15/2/2018) until full payment,” MSM added.
This provision covers the income of the company’s accounts.