In its filing to the Muscat Securities Market (MSM) on Thursday, January 08, 2015, Oman Flour Mills (OFM) announced that its Board of Directors has approved going ahead with the setting up of a 500 million tons per day flour mill in Sohar.
“In this flour mill, OFM will have a 60% equity and the balance 40% equity will be held by Mr. Essa Al Ghurair (UAD National),” the Company said, highlighting that the expected project cost amounts to OMR 15.5 million.
The mill is expected to commence operation by the year 2017, the Company added.
This decision comes in compliance with Article no. 15 of the Rules and Guidelines on Disclosure by Issuer of Securities and Insider Trading.
Photo Credit: Arabianeye-Reuters
