GIS to acquire Amwaj Catering for QR353mn


30/03/2012 07:52 AST  Gulf Times

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.

Economic and Business News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR
Most Viewed Companies
Ticker Price Volume
RIBL 34.89 728,914
GFH 0.21
SECO 14.87 5,329,459
ADIB 6.8 2,115,877
DARALARKAN 12.08 13,082,278
NBAD 14.9 493,665
DIC 3.91 13,158,942
Recent News

Inflation in Consumer Price Index
Inflation Rate in the Emirate of Dubai rise to record 2.59% in the First Quarter of 2014 compared to the same period of 2013. This is due to an increase in the prices of goods and services as follows

NBK well positioned to take advantage of new business opportunities
Moody’s Investors Service said that National Bank of Kuwait (NBK) is well positioned to take advantage of new business opportunities as the Kuwaiti government’s development plan begins to gain tracti

Green bond market in 2014 set to exceed 2013
Laying out the landscape for green financing in a session titled Private Financing for the Green Economy, Zoe Knight, Head of Climate Change Centre of Excellence at HSBC, remarked, “The green bond ma

Commercial Bank of Dubai signs MoU with Hamriyah Free Zone Authority
Dr. Rashid Al Leem, Director General Sharjah Department of Seaports & Customs and Sharjah Free Zones Authority, and CBD Deputy General Manager-Head of Commercial Banking Abdul Rahim Abdul Aziz Al Nim

Emirates NBD Research: UAE CPI - Inflation ticks steadily higher
“Surprisingly, ‘furnishing & household equipment’ prices jumped nearly 1.0 per cent m/m (3.6 per cent y/y) in March, and over the whole of Q1 2014 this component of the CPI has seen the biggest price

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Are you satisfied with your full-service broker?