Qatar Industrial Manufacturing Company has finalised the acquisition of United Development Company’s (UDC) stake (400 shares) in Gulf Formaldehyde Company (GFC), representing 10% of GFC’s share capital, thereby increasing QIMC’s ownership in GFC to 30%.
The sale deal was signed by Sheikh AbdulRahman bin Mohamed bin Jabor al-Thani, QIMC chairman; Turki bin Mohamed al-Khater, chairman, United Development Company; Abdulrahman al-Ansari, QIMC chief executive officer and Ibrahim Jassim al-Othman, UDC president & chief executive officer.
On the acquisition, Sheikh AbdulRahman said, “QIMC is keen on strengthening its investment portfolio in the industrial sector. QIMC hopes the deal will have a positive impact on its future corporate earnings”.
Al-Khater said, “The sale of UDC’s shares is consistent with the company’s strategy of focusing on core activities, namely real estate development and related operational services”.
The sale will increase QIMC’s shareholding in Gulf Formaldehyde Company from 20% to 30%, and will be reflected on UDC’s 2018 first quarter financial results.
“Over the last several years, UDC has emerged as a leader in the real estate development sector in Qatar, and the region, and we will continue along this successful path by focusing on the businesses that cater to our targeted growth,” said al-Othman.
GFC was established in 2003 among Qatar Fertiliser Company (Qafco), Qatar Industrial Manufacturing Company and United Development Company to produce Urea Formaldehyde concentrate with a design capacity of about 170 tonnes per day.
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