On Monday (May 26, 2008), Gulf International Services Company was listed on the(DSM) to raise the number of listed companies to 43.

A reliable source from DSM stated that the share price on the first day of trading was floated with an opening price of QR 36.2, and then it fluctuates up and down.  The lowest price reached to QR 36.10 whereas the highest price reached QR 45.0.  The last traded price was QR 37.40 and the average closing price was QR 39.80.  The number of executed transactions reached 32,511 with a total value exceeding QR 722 million.

Gulf International Services Company was established on February 12, 2008.  The company’s share capital is comprised of 122,869,995 subscribed Ordinary Shares and One Special Share owned by Qatar Petroleum amounting to a nominal value of QR 10/share.  86,005,000 of the company’s shares were offered; representing 69.9967% for individual investors and to selected institutions for a price of QR 21 in addition to issuing expenses amounting to 60 Dirham per share.  The remaining 30.0033% of the company’s share belongs to Qatar Petroleum.

The company’s core business activities are as follows:  to acquire, buy, create, establish hire, lease, own, manage, sell and/or hold shares, assets of and interests in companies (and in their subsidiaries and/or associated undertakings) engaged in the business of the provision of services to the national and/or international oil and gas industry, insurance and reinsurance services and related advisory services and investment activities in connections therewith and/or in any other company or undertaking which the company deems beneficial to its business, and/or its development, diversification or expansion from time to time. (QR3.64=US$1).

© 2008 Mena Report (www.menareport.com)