DOHA: The Gulf International Services (GIS) has completed the purchase of Japan Drilling Co. Ltd’s (JDC) 30 percent shares in Gulf Drilling International (GDI). In a filing to Qatar bourse, the GIS announced the purchase price payable to JDC for the acquisition of its 30 percent stake in GDI was $157.7m.
As per the Sale and Purchase Agreement, GIS made a down payment of $153.6m to JDC in April, leaving a balance owing of $4m, which was paid to JDC on June 19, 2014. The transaction is being financed via an eight year bilateral loan agreement that has been secured through local banks on highly competitive terms.
GIS Chief Coordinator Ebrahim Al-Mannai said: “GIS is pleased to have concluded the purchase of JDC’s 30 percent stake at a price that was under the expected price of $160m and looked forward to reaping the benefits of holding a 100 percent share of this up and coming company.”
The Peninsula
