Qatar Industrial Manufacturing Company (QIMC) declares the final approval for UDC's offer to sell its 400,000 shares in Gulf Formaldehyde Company (GFC) to QIMC, representing 10% of the capital of GFC. This will increase QIMC’s shareholding in Gulf Formaldehyde from 20% to 30%.
Mr. 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 QRs 40 million, between Qatar Fertilizer Company (QAFCO), QIMC and UDC to produce Urea Formaldehyde Concentrate (UFC-85) with a design capacity of about 170 tons per day.