GDI to Become a Wholly Owned Subsidiary of GIS

DOHA, QATAR – Gulf International Services (“GIS” or “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, accommodation barge, helicopter transportation, and catering services  issued a brief statement to Qatar Exchange confirming that the company has entered into discussions with the foreign partner in its joint venture, Gulf Drilling International, regarding the acquisition of its 30% stake in the capital of GDI in order for GDI to become a wholly owned subsidiary of Gulf International Services.

Accordingly, Qatar Exchange will be provided with more information in due course.