Gulf International Services (GIS) will acquire Amwaj Catering Services Company for QR353.1mn in cash from Qatar Petroleum.
“The price is subject to an adjustment if there is a working capital balance on the day the deal is closed,” GIS chief co-ordinator Ebrahim Ahmed al-Mannai said in a communiqué to the Qatar Exchange.
The terms of the transaction have been approved by the respective boards of GIS and Qatar Petroleum, but completion is subject to a number of condition precedents that the parties intend to satisfy soon, he said, adding the process of transferring the shares would also be subject to the prior approval of the Ministry of Business and Trade.
“We are pleased to conclude this deal and we look forward to co-operating with Qatar Petroleum and Amwaj to complete all formalities in a swift manner,” he said.
Qatar Petroleum will still maintain a significant interest in the future profitability of Amwaj through its 30% shareholding in GIS.
“We are confident that Amwaj will flourish further under the GIS umbrella, and will add significant value to the group,” al-Mannai said.
The Qatari bourse-listed GIS, with a capital base of QR1.35bn, has assets valued at QR4.61bn at the end of December 31, 2011.
Its other associate companies are Al Koot Insurance and Reinsurance and Gulf Helicopters (both of which 100% owned by GIS) and Gulf Drilling International (70% owned by GIS).
Amwaj was established in 2006 to provide catering services to Qatar Petroleum and its subsidiaries and affiliates. It has experience of catering for large volumes of industrial workforces, in addition to offering corporate hospitality and VIP dining services.
Recently, Amwaj diversified its operations to provide soft facilities management services to multinational companies operating in the Gulf region.
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