Mubasher: Qatar Industrial Manufacturing Company (QIMC) on Tuesday announced that the company’s managing director has signed a contract to acquire the foreign partner's stake in Qatar Plastic Products Company (QPPC).
After the takeover, QIMC’s stake rose to 66.66%, up from 33.33%, according to the company’s statement.
In March 2018, the industrial manufacturing firm announced plans to implement the acquisition to increase its stake in QPPC, giving no further details on the value of the transaction.
It is worth noting that QIMC’s profits declined 15.9% to QAR 50.8 million for the first quarter of 2018, from QAR 60.4 million in the prior-year period.
By the end of Tuesday’s session, QIMC’s stock inched up 0.02% at QAR 40.20.