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% of Amwaj alongside Tamween Capital W.L.L. and Abela Qatar International W.L.L. both representing 100% 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.
About Shaqab & Atyab
Selected entities of Shaqab included in the merger provide flagship hospitality and life support solutions. This includes services ranging from catering to facilities management services, as well as provision of managed and serviced staff accommodation solutions.
Atyab is an importer and wholesaler of food and non-food products, primarily serving Shaqab and other institutional clients. The Company specializes in a wide range of dry, fresh & frozen food, catering-related products and operates a supply chain, allowing it to support its clients’ requirements competitively.
Shaqab and Atyab are owned by Manaya Holding Group W.L.L.
About Amwaj
Amwaj was incorporated in 2006 as a wholly owned subsidiary of QatarEnergy, and was subsequently 100% acquired by Gulf International Services (GIS) on 1 June 2012. In addition to its original objective of providing high quality catering services, Amwaj has diversified to encompass cleaning, pest control, manpower supply, facilities management, camp management, retail and VIP catering. With soft facility management services, which include commercial cleaning services that cover both internal and external areas, the company offers comprehensive and efficient services that include cleaning & janitorial and laundry services for clients. Amwaj also offers distinguished and high-quality corporate hospitality and VIP dining services for small exclusive gatherings or large high-profile celebrations, along with catering for Wedding Banquets, etc.
About GIS
Gulf International Services, a Qatari public shareholding company listed on the Qatar Stock Exchange, was established on February 12, 2008 in accordance with the provisions of its Articles of Association and Law no. 5 of 2002, promulgating the Commercial Companies Law, especially Article 68 thereof. Subsequently, the Company settled its status and brought its Articles of Association into conformity with the provisions of Law no. 11 of 2015, promulgating the Commercial Companies Law, and in line with the specific nature of its incorporation.
Through the group companies, Gulf International Services Q.P.S.C. operates in four distinct segments - insurance and reinsurance, drilling, helicopter transportation and catering services. QatarEnergy (formerly known as Qatar Petroleum), the largest shareholder, provides all of the head office functions for Gulf International Services Q.P.S.C. through a comprehensive service directive. The operations of the subsidiaries remain independently managed by their respective Boards of Directors and senior management teams.