Gulf International Services Working Towards Accomplishing Merger of Amwaj With Shaqab And Atyab

Doha, December 29 (QNA) – The 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. (QNA)