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Gulf International Services gains on acquisition transparency

: Sunday, July 06 - 2014 @ 16:56

The Qatar Exchange 20 Index fell by 0.35 per cent to 12,333.54 points on Sunday, July 6.

Gulf International Services (GIS) bucked the market trend and gained 1.23 per cent to close at QAR98.40. Earlier in the day, GIS announced that the purchase price payable to Japan Drilling Company (JDC) for the acquisition of JDC’s 30 per cent stake in Gulf Drilling International has been confirmed by GDI’s external auditors at $157.7 million. “In accordance with the sale and purchase agreement, GIS made a down payment of $153.6m to JDC in April for its 30 per cent interest, leaving a balance owing of $4.1m, which was paid to JDC on June 19,” the firm reveals. The transaction is being financed via an eight-year bilateral loan agreement that has been secured through local banks “on highly competitive terms,” adds GIS.

Gérard Al-Fil

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Sunday, July 6- 2014 @ 16:56 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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