Qatar Industrial Manufacturing Company announces its acquisition of United Development Company's stake in Gulf Formaldehyde Company

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%.

  

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.

 

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