Gulf Warehousing Company (GWC), the leading provider of logistics and supply chain solutions in Qatar, is planning to initially acquire a 76% stake in Spick and Span Cleaning Services, a limited liability entity with a capital of QR200,000.
The Qatar Stock Exchange-listed company is proposing the indirect acquisition through its wholly-owned subsidiary GWC Chemicals. Although the present proposal is to acquire 76% stake, the GWC arm may buyout the remaining 24% stake within three years.
Although it did not specify the financial size of the proposed deal, the company, in its regulatory filing with the Qatari bourse, said "the amount of acquisition is small and there are no expected risks to the shareholders of the listed company as well as its subsidiary (GWC Chemicals)."
Highlighting that "the process is still under evaluation", the communique said the purpose of the proposed acquisition is to expand the activity of GWC Chemicals.
GWC closed 2019 with a 9% increase in net profit to QR249.1mn with gross revenues reaching QR1.2bn, while earnings-per-share increased to QR0.43 at the end of the same period.
Although it did not specify the financial size of the proposed deal, the company, in its regulatory filing with the Qatari bourse, said "the amount of acquisition is small and there are no expected risks to the shareholders of the listed company as well as its subsidiary (GWC Chemicals)."
Highlighting that "the process is still under evaluation", the communique said the purpose of the proposed acquisition is to expand the activity of GWC Chemicals.
GWC closed 2019 with a 9% increase in net profit to QR249.1mn with gross revenues reaching QR1.2bn, while earnings-per-share increased to QR0.43 at the end of the same period.