Gulf Capital to reduce stake in GMS

Green Investment Commercial Investments LLC, a wholly owned entity of Gulf Capital Pvt. JSC, has agreed the sale by way of private placement of 12.1 million shares in Gulf Marine Services. The shares represent approximately 3.5% of the company's issued share capital.

The sale was made to a small group of institutional investors looking to increase their positions in the company. On settlement, Gulf Capital will hold, in aggregate, 157.0 million shares in GMS, representing approximately 44.9% of the issued share capital of the company. The remaining shares in GMS held by Gulf Capital will be subject to a lock-up until the release of the company's 2016 full year results (subject to certain customary exceptions), which can be waived with the consent of BofA Merrill Lynch and Barclays Bank PLC.

At 9:08am: (LON:GMS) Gulf Marine Services PLC share price was -0.75p at 67.25p