The Board of Directors of Al Hassan Engineering Co. SAOG (‘AHEC’) is pleased to inform that a financial restructuring package has been agreed and signed by AHEC and its key stakeholders on 15th November 2017. Bank Muscat - Investment Banking was appointed as the financial restructuring advisor and Nasser Al Habsi & Saif Al Mamari Law Firm in association with Addleshaw Goddard (Middle East) LLP was appointed as the lenders’ legal counsel for the proposed restructuring.
The restructuring package allows AHEC to consolidate its various facilities into one syndicated facility, term out its short-term loans and make available fresh liquidity to meet its working capital requirements. Further, the promoters, Mr. Hassan Ali Salman & Mr. Maqbool Ali Salman, also infused promoter loans into the company. The objective of the restructuring package was to enable AHEC to carry on with its business with support from all stakeholders. AHEC believes that with the restructuring in place, it will be able to tide over the financial challenges faced by it, successfully complete projects-in-hand and win new projects in Oman.
The Board of Directors would like to thank all stakeholders, Capital Market Authority, Central Bank of Oman, Ministry of Finance and the banks for their support in this exercise.

We shall upload the Q3 financials shortly 

Thanks 

Regards