Galfar is an engineering and contracting company, which was established and formed in January1972, in the Sultanate of Oman. The company was initiated and founded by Dr.
P. Mohamed Ali.Wherever the company’s name is depicted, it should be trailed by ‘General Omani Joint Stock Company(SAOG). The designation of a Joint Stock Company, could consist of any expression but cannot presentthe name of an ordinary individual, except if the company’s determination is to beneficially make use ofa patent recorded and listed below the name of such a being.
Among all the engineering and contractingcompanies in Oman, Galfar is one of the largest and widely established. It professes to be among the topfive engineering companies across the Middle East. It has an annual profit yield of US$1 billion. SinceGalfar offers shares for public subscription at 0.602 per share, its capital should not be lesser than 2million Omani Rials. Over the lapsed 40 years, Galfar has entrenched itself as the ‘ preferred partner indevelopment’ .
Since its commencement in 1972, Galfar has expanded and grown commendably, withits powerful leadership and management strategies. It is a Public Ltd. Company listed in the MuscatSecurities Market. Another quality of Galfar, is that it executes primary focus to safety, and this isproved by acquiring some commendable records for safety over the years and winning various awardsfor the same from the government.
The company is exclusive in providing quality in construction,excellence, safety, satisfaction, etc. The company has grown extraordinarily over the years, and nowowns over 7000 equipments, recruits a workforce of more than 23000 workers and employees andclaims to be one of the largest employers present in the Sultanate of Oman. (galfar)3. Management of the company.In a Joint Stock Company, the management is assigned and designated to the Board of Directors. TheArticles of Associations of the company will provide the term of office and the number of members to bepresent in the Board of directors. Under private Joint Stock Companies, the affiliates of the Board ofDirectors shouldn’t be lesser than 3 and under public Joint Stock Companies, the participants of theBoard shouldn’t be lesser than 5.
In both occasions the total number of members present in the Boardof Directors shouldn’t exceed 12 associates. The term of bureau of the members should not exceed 3years without re-election more than a single time. A person can neither be a participant of the Board ofDirectors of other than 5 Joint Stock Companies, nor be Chairman of other than 3 Joint Stock Companieswhich claims that their primary area of employment exists in Oman. No person can also, be an affiliateof the Board, of a Joint Stock Concern if he/she has been condemned, in Oman or out of the country, offelony uniting ethical degeneracy or corruption, unless he/she is rehabilitated. The members should notpluralize the membership of the directors of 2 banks or 2 insurance companies. The Chairman of theBoard of Directors under the Joint Stock Company Galfar is, Engr.
Majid Salim Said Hammed Al FannahAl Araimi. The title of the Vice Chairman of Galfar belongs to Sheikh. Salim Abdullah Saeed Badr AlRawas. (galfar) The Board of Directors of Galfar has 7 members:1. Engr.
Mohiuddin Mohamad Ali2. Mr. Badr Mohammed Rashid Al Fannah Al Araimi3. Engr. Raiz Basheeruddin4. Dr Hatim Bin Bakheit Bin Saeed Al Shanfari5.
Engr. Salman Bin Rashid Bin Abdullah Al Fannah Al Araimi6. Mr. Abdel Qadar Ahmed Askalan7. Mr. Ganesan Sridhar (galfar)The Management of Galfar is administered and supervised by these members of the Board of Directors.
They areexclusively responsible for the success of Galfar as one of the largest and wide-ranging engineering and contractingcompanies across Gulf. These directors have various duties to be fulfilled : (galfar)? During the completion of the fiscal year, within 3 months, the Directors should compose the company’sbalance sheet depicting the profit and loss a/c after they are examined by auditors of the firm.? The balance sheet must also incorporate a comprehensive description and clarification of the major creditand debit entries and records throughout the year.? The Board must compose a testimony on the operations of the firm for the duration of the lapsed year andon the proceeds and returns to be disseminated.? A copy of the statement, the description composed by the Board and the report of the examiners shall beforwarded to separately to every shareholder, along with an offer and invite to be present at the ordinaryannual General Meeting.? The directors must subtract 10% of the firm’s proceeds after deducting the levies and excises as a reservefor every fiscal year till the reserve sums up to at minimum 1/3 rd of the business’s capital. This reservemustn’t be circulated among the stakeholders.
(galfar)There are certain legal restrictions that the members of the Board of Directors must follow. The members shall notperform any of the acts mentioned above as their duties, unless the Articles of Association of the company authorizesthem to do so or by the decision of the annual General Meeting. (galfar)