+ A
A -
Tribune News Network
Doha
Qatar Industrial Manufacturing Company (QIMC) has finalised the acquisition of United Development Company's (UDC) stake (400 shares) in Gulf Formaldehyde Company (GFC), the company said in a statement on Sunday.
The UDC stake represented 10 percent of GFC's share capital and by acquiring it QIMC has increased its ownership in GFC to 30 percent. This will be reflected in UDC's 2018 first quarter results.
The sale deal was signed by QIMC Chairman Sheikh Abdul Rahman bin Mohamed bin Jabor al Thani, CEO Abdulrahman al Ansari, UDC Chairman Turki bin Mohammed al Khater and President & CEO Ibrahim Jassim al Othman.
QIMC, Sheikh Abdul Rahman said, 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," he added.
Khater, the UDC Chairman, 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."
CEO Othman said,"Over the last several years, UDC has emerged as a leader in the real estate development sector in Qatar and the region. We will continue along this successful path by focusing on the businesses that cater to our targeted growth."
GFC was established in 2003 by Qatar Fertilizer Company (QAFCO), Qatar Industrial Manufacturing Company (QIMC) and United Development Company (UDC) to produce Urea Formaldehyde Concentrate with a design capacity of about 170 tonnes per day.
United Development Company (UDC) is a leading Qatari public shareholding company with a mission to identify and invest in long-term projects contributing to Qatar's growth and providing good shareholder value. Established in 1999, the company became listed on the Qatar Stock Exchange in June 2003.
QIMC has so far participated in 20 industrial projects, most of them are in the production stages in various industrial sectors, including petrochemical, chemical, construction and food. In addition, a number of new projects are in stages of being incorporated.
