Nakilat acquires 49.9% of the capital of OSG Nakilat Corporation
DOHA: Qatar Gas Transport Company (Nakilat) has issued the supplementary disclosure on the acquisition transaction by its subsidiary Nakilat Marine Services Limited in accordance with the merger and acquisition system issued by Qatar Financial Markets Authority.
Nakilat has acquired OSG for $123 million as an investment opportunity in acquiring partner's stake in the joint venture company. Funding will be through Nakilat internal capital structure funding for investments.
The investment after the acquisition shall be recognized as a subsidiary in Nakilat’s Consolidated Financial Statements (previously recognized as Equity accounting investees), which will increase the stable returns to Nakilat and its shareholders.
The acquisition will support Nakilat’s growth and enhance the robust financial performance which comes as part of Nakilat's efforts to maximize returns for its shareholders and support company’s leading position as the world’s largest LNG shipping company.