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Gulf Investment Fund PLC on Tuesday said it met the minimum size condition for its tender offer. Gulf Investment is an investment fund focused on Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait and Oman. In March, Gulf Investment launched a tender offer of up to 100% of each shareholder’s holding in the company. It noted its assets to be valued on April 11 and then allocated to a continuing pool and tender pool. ‘The investment adviser will be instructed to realise the assets allocated to the tender pool as soon as practicable and the proceeds (after payment of tender costs) used to repurchase the tendered shares,’ Gulf added at the time. On Tuesday, Gulf said 251,672 shares were validly tendered, equal to 0.61% of the shares in issue as at March 27. Therefore, the resulting post tender offer will be 40.8 million shares, which the company said will be ‘significantly in excess of the minimum size condition.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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