06-08-2020
Gulf Warehousing Company ‘GWC’ announced that it has cancelled the previously proposed acquisition of Spick & Span Cleaning Services Company by its subsidiary Gulf Warehousing Chemicals Company.
This disclosure comes in compliance to the QFMA’s disclosure requirements stipulated in article 2, clause 3 of the M&G regulations issued by QFMA’s resolution number 2 of 2014, which states that “…. In the event a M&A transaction is not completed, the QFMA and the financial market shall be notified with the reasons for the cancellation of the transaction as well as if the cancellation is temporary or permanent.
GWC noted that the said transaction was cancelled for being unable to reach an agreement on the study and valuations prepared by the company in addition to the terms of the acquisition.