DOHA: Gulf International Services (GIS) has announced its intention to list its wholly-owned subsidiary, Al Koot Insurance, on the Qatar Stock Exchange (QSE).
The strategic move reflects GIS’s commitment to enhancing shareholder value and expanding its presence in the financial market. Al Koot Insurance, a pivotal player in the insurance sector, will provide investors with an opportunity to engage with a company that operates independently yet is firmly anchored within the broader GIS framework.
As a Doha-based entity, GIS is renowned for its comprehensive services in the oil and gas sector, including drilling, helicopter transport, and insurance. The forthcoming listing of Al Koot Insurance on the QSE signals a significant step in GIS’s growth trajectory, bolstered by its parent company’s robust backing.
Notably, QatarEnergy, a state-owned enterprise and the largest shareholder of GIS, has played an instrumental role in the company’s operations since its own listing on the Qatari stock exchange in 2008.
The announcement indicates that specifics regarding the proposed listing will be disclosed in the future, generating anticipation among potential investors who may seek to establish or diversify their portfolios within the Qatari market.
Furthermore, it is important to note that while QatarEnergy supports GIS by providing head office services, each subsidiary operates autonomously under its respective board of directors and management. This organizational structure underscores GIS’s commitment to maintaining operational independence while leveraging the strengths of its parent company.
