Mar 29 2012
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Gulf international services announces the purchase of Amwaj catering services limited Q.S.C.
Gulf International Services (" GIS " or the "the group"; QE: GISS), the largest service group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, and helicopter transportation, announced today that it has entered into an agreement with Qatar Petroleum to purchase the entire share capital of Amwaj Catering Services Limited Q.S.C.
In brief comments to the Qatar Exchange, H.E. Dr. Mohammed bin Saleh Al Sada, Minister of Energy and Industry, and Chairman and Managing Director of Qatar Petroleum , stated "This sale offers significant strategic and operational benefits to both Qatar Petroleum and Gulf International Services . For Qatar Petroleum , the divestment of Amwaj to a listed company represents another example of QP 's ongoing commitment to fulfilling H.H. the Emir of the State of Qatar's directive to provide attractive investment opportunities for Qatari investors. And for GIS , it offers shareholders an attractive new source of growth and diversification."
Under the terms of the transaction, GIS will acquire the entire share capital of Amwaj from Qatar Petroleum for a cash price of QR 353.1 million. The price is subject to an adjustment if there is a working capital balance on the day the deal is closed.
Mr. Ebrahim Al-Mannai, Chief Coordinator, Gulf International Services , added,, "We are pleased to conclude this deal and we look forward to cooperating with Qatar Petroleum and Amwaj to complete all of the final completion details in a swift manner. I would like to also reiterate that this deal will strengthen Gulf International Services by broadening its scope of services. It should also be noted that Qatar Petroleum will still maintain a significant interest in the future profitability of Amwaj through its 30% shareholding in GIS .
Amwaj was established in 2006 to provide catering services to Qatar Petroleum and its subsidiaries and affiliates. Amwaj has in-depth experience of catering for large volumes of industrial workforces, in addition to offering corporate hospitality and VIP dining services. Recently, Amwaj diversified its operations to provide soft facilities management services to multinational companies operating in the GCC. Amwaj prides itself on using highly qualified staff that are internationally trained, whilst strictly maintaining the highest levels of health and safety standards.
Further details of the transaction are available in the attached "Acquisition Details Circular".
The companies in which Gulf International Services QSC directly and indirectly owns investments are separate entities. In this press release, " GIS " and "the group" are sometimes used for convenience in reference to Gulf International Services QSC.
This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gulf International Services QSC. All statements other than statements of historical fact are deemed to be forward-looking statements, being statements of future expectations that are based on current expectations and assumptions, and involve known and unknown risks and uncertainties that could cause actual results, operations and business performance or events impacting the group to differ materially from those expressed or as may be inferred from these statements.
There are a number of factors that could affect the realisation of these forward-looking statements such as: (a) price fluctuations in crude oil and natural gas, changes in demand or market conditions for the group's services, (c) loss of market share and industry competition, (d) environmental risks and natural disasters, (e) changes in legislative, fiscal and regulatory conditions, (f) changes in economic and financial market conditions and (g) political risks. As such, results could differ substantially from those stated, or as may be inferred from the forward-looking statements contained herein. All forward-looking statements contained in this press release are made as of the date of this press release, as marked on the Cover page.
Gulf International Services QSC, its Directors, officers, advisors, contractors and agents shall not be liable in any way for any costs, losses or other detrimental effects resulting or arising from the use of or reliance by any party on any forward-looking statement and / or other material contained herein. Gulf International Services QSC, its subsidiaries, joint venture and associated company are further in no way obliged to update or publish revisions to any forward-looking statement or any other material contained herein which may or may not be known to have changed or to be inaccurate as a result of new information, future events or any reason whatsoever. Gulf International Services QSC does not guarantee the accuracy of the historical statements contained herein.
Gulf International Services QSC's accounting year follows the calendar year. No adjustment has been made for leap years. Where applicable, all values refer to Gulf International Services QSC's share. Values expressed in QR billions and percentages have been rounded to 1 decimal point. All other values have been rounded to the nearest whole number. Values expressed in US $'s have been translated at the rate of US $1 = QR3.64.
CAGR: 5-Year Compound Annual Growth Rate (from 2010 actuals) • Cash Realisation Ratio: Cash Flow From Operations / Net Profit x 100 • Debt to Equity: (Current Debt + Long-Term Debt) / Equity x 100 • EBITDA: Earnings Before Interest, Tax, Depreciation and Amortisation calculated as [Net Profit + Interest Expense + Depreciation + Amortisation] • Energy (Insurance): Refers to the Energy, Plant and Construction, Marine, Fire and Other lines of business • EPS: Earnings per Share [Net Profit / Number of Ordinary Shares outstanding at the year end] • Free Cash Flow: Cash Flow From Operations - Total CAPEX • Interest Cover: (Earnings before Interest Expense + Tax) / Interest Expense • Net Debt: Current Debt + Long-Term Debt - Cash & Bank Balances • Payout Ratio: Total Cash Dividend / Net Profit x 100 • P/E: Price to Earnings multiple [Closing market capitalisation / Net Profit] • ROA: Return On Assets [EBITDA/ Total Assets x 100] • ROCE: Return On Capital Employed [Net Profit before Interest & Tax / (Total Assets - Current Liabilities) x 100] • ROE: Return On Equity [ Net Profit / Shareholders' Equity x 100] • Utilisation (Rigs): Number of days under contract / (Number of days available - Days under maintenance) x 100
Gulf International Services QSC was incorporated as a Qatari joint stock company on February 12, 2008 by Resolution Number 42 of 2008 of the State of Qatar's Ministry of Economy and Commerce, pursuant to its Memorandum and Articles of Association and Law Number 5 of 2002 concerning Commercial Companies. The authorised share capital is QR 10 billion with the issued share capital consisting of 135.2 million ordinary shares and 1 special share.
Through the group companies, Gulf International Services QSC operates in three distinct segments - insurance and reinsurance, drilling and helicopter transportation services.
, the largest shareholder, provides all of the head office functions for
Gulf International Services
QSC through a comprehensive service directive. The operations of the subsidiaries and joint venture remain independently managed by their respective Boards of Directors and senior management teams.
© Press Release 2012
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