GIS Successfully Accomplishes Amwaj's Merger with Shaqab, Atyab

Doha, February 20 (QNA) - Gulf International Service Q.P.S.C. (GIS; QE Ticker: GISS), one of the region's largest oil and gas service providers, announced Monday that the Company's Board of Directors during its meeting on Feb 13, 2023, has approved to call for the Extra-Ordinary General Assembly Meeting (EGM) scheduled for March 13, 2023 to obtain the shareholders' approval of the Merger of Amwaj Catering Services Limited (Amwaj) with Shaqab Abela Catering Serivces Co. (Shaqab) and Atyab Fruits and Vegetables (Atyab) to create largest local Qatari Champion in catering segment with sustainable value creation.
The proposed Merger of Amwaj Catering Services Limited (Amwaj), a wholly owned subsidiary of GIS, with selected entities of Shaqab Abela Catering Serivces Co. (Shaqab) and Atyab Fruits and Vegetables (Atyab) is intended to be effective from Jan. 1, 2023.
The Merger is an all-share combination of Amwaj with in-kind contribution from two new incumbent strategic merging shareholders (who are currently 100% joint owners of Shaqab & Atyab) namely Tamween Capital W.L.L. (Tamween) and Abela Qatar International W.L.L. (AQI).
New strategic shareholders of Amwaj along with GIS have jointly agreed to make the Merger's effective date as the Jan. 1, 2023 and will enter into definitive shareholders agreement alongside appropriate regulatory approvals.
The Merger will create a catering national champion, and the combined entity will become the go-to player for all large-scale catering needs in Qatar and, potentially, in the wider region.
The Merger will combine Amwaj's solid brand and strong client base with the incumbent shareholders' best-in-class management capabilities and proven track record.
Post-Merger, Amwaj will have an effective shareholding of 30.0% held by GIS, 35.7% by Tamween and 34.3% by AQI. (QNA)