Gulf International seals purchase of Gulf Drilling

: Tuesday, April 29 - 2014 @ 19:10

The Qatar market index (QE 20) fell by 0.55 per cent to 12,626.95 points on Tuesday, April 29. Developer Mazaya Qatar recorded the biggest advance, reaching QAR19.80. Ezdan Holding lost the most, finishing off 9.93 per cent lower at QAR36.75. Gulf International closed 0.22 per cent lower at QAR88.90. Earlier in the day, the firm revealed that Gulf Drilling International is now a wholly owned subsidiary of GIS, after the company completed the acquisition of a 30 per cent stake previously held by Japan Drilling Company Limited. “The expected final cost to GIS is $160 million, subject the final audit of the accounts. With this, it will be the ending of the joint venture between the two companies that began ten years ago, effective from April 30.”

Gérard Al-Fil

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Tuesday, April 29- 2014 @ 19:10 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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