Doha: Gulf International Services (“GIS”; QE ticker: GISS), has successfully accomplished valuation and negotiations with Manaya Holding Group, in relation to a potential all-share merger of Amwaj Catering Services Limited (“Amwaj”), wholly owned subsidiary of GIS, with selected entities of Shaqab Abela Catering Services Co. (“Shaqab”) & Atyab Fruits and Vegetables (“Atyab”), with QInvest LLC acting as exclusive financial adviser to GIS.
The merged entity will have three shareholders namely – Gulf International Services representing 100 percent of Amwaj alongside Tamween Capital W.L.L. and Abela Qatar International W.L.L. both representing 100 percent of Shaqab and Atyab.
The merger is expected to be accomplished during early 2023 subject to all shareholders entering into definitive agreements and proceed to obtain regulatory approvals, along with respective general assembly meeting approvals. Upon a definitive merger agreement, full details about the merger will be announced.
