GIS Acquisition of JDC’s Stake in GDI
OREANDA-NEWS. Gulf International Services (GIS), 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, accommodation barge, helicopter transportation, and catering services announced that they have acquired JDC’s 30% shareholding in Gulf Drilling International Ltd. Q.S.C. (GDI), making GDI a wholly owned subsidiary of GIS starting 1 May 2014. GIS is proud to now have full ownership of the only drilling contractor based in Qatar. This will go a long way in achieving substantial short and long term growth for GIS shareholders.
GIS Chief Coordinator, Mr. Ebrahim Al Mannai noted that the JDC buy out was a well timed investment that is expected to yield positive results for the publically traded holding company. The transaction is being 100% financed through an unsecured bilateral loan that was obtained on competitive terms and conditions from local banks.