Qatar Industrial Manufacturing Company (QIMC) yesterday announced its acquisition of United Development Company’s (UDC) stake in Gulf Formaldehyde Company (GFC). As per the deal, the UDC will sell its 400,000 shares in GFC, representing 10 percent of GFC capital, to QIMC. This will increase QIMC’s shareholding in Gulf Formaldehyde from 20 percent to 30 percent.
Abdulrahman Al Ansari, Chief Executive Officer of QIMC said: “We are committed to strengthen our investment portfolio in the industrial sector as an active private sector company. QIMC hopes that this transaction will have a positive impact on the company’s profits and shareholders’ dividend in the long run”. GFC was established in 2003, with a capital of QR40m, between QAFCO, QIMC and UDC.
