Mubasher: Phoenix Power’s stock declined in Monday’s mid-session to its lowest level since its listing on the Muscat Securities Market (MSM).

The stock tumbled 0.79%, to be traded at OMR 0.125.

The stock levelled down after the Omani firm said it had reached a settlement agreement in the case filed against it by Daewoo E&C, which “obliged” the company to pay $11.8 million to the procurement and construction (EPC) contractor Daewoo.

Phoenix Power deepened its losses by 114.3% in the first quarter of 2017 to reach OMR 12 million, compared to OMR 5.6 million in Q1-16.