Gulf International Services announces the purchase of Amwaj Catering Services limited Q.S.C.

Gulf International Services announces the purchase of Amwaj Catering Services limited Q.S.C.

27-03-2012

DOHA, QATAR – Gulf International Services (“GIS” or the “the group”; QE: GISS), the largest service group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, and helicopter transportation, announced today that it has entered into an agreement with Qatar Petroleum to purchase the entire share capital of Amwaj Catering Services Limited Q.S.C.

In brief comments to the Qatar Exchange, H.E. Dr. Mohammed bin Saleh Al Sada, Minister of Energy and Industry, and Chairman and Managing Director of Qatar Petroleum, stated “This sale offers significant strategic and operational benefits to both Qatar Petroleum and Gulf International Services.  For Qatar Petroleum, the divestment of Amwaj to a listed company represents another example of QP’s ongoing commitment to fulfilling H.H. the Emir of the State of Qatar’s directive to provide attractive investment opportunities for Qatari investors.  And for GIS, it offers shareholders an attractive new source of growth and diversification.”

Under the terms of the transaction, GIS will acquire the entire share capital of Amwaj from Qatar Petroleum for a cash price of QR 353.1 million.  The price is subject to an adjustment if there is a working capital balance on the day the deal is closed.

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.  The process of transferring the shares will also be subject to the prior approval of the Ministry of Business and Trade.

Mr. Ebrahim Al-Mannai, Chief Coordinator, Gulf International Services, added,, “We are pleased to conclude this deal and we look forward to cooperating with Qatar Petroleum and Amwaj to complete all of the final completion details in a swift manner.  I would like to also reiterate that this deal will strengthen Gulf International Services by broadening its scope of services.  It should also be noted that 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.”

Amwaj was established in 2006 to provide catering services to Qatar Petroleum and its subsidiaries and affiliates.  Amwaj has in-depth 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 GCC.  Amwaj prides itself on using highly qualified staff that are internationally trained, whilst strictly maintaining the highest levels of health and safety standards.

Further details of the transaction are available in the attached “Acquisition Details Circular”.

Acquisition Details Circular.pdf
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