(MENAFN- The Peninsula) The Peninsula
DOHA: Qatar Industrial Manufacturing Company (QIMC) has finalised the acquisition of United Development Company's (UDC) stake (400 shares) in Gulf Formaldehyde Company (GFC), representing 10 percent of GFC's share capital therefore increasing QIMC's ownership in GFC to 30 percent.
The sale deal was signed by Sheikh AbdulRahman bin Mohamed bin Jabor Al Thani, Chairman of QIMC, Turki bin Mohammed Al Khater, Chairman of United Development Company, Abdulrahman Al Ansari, Chief Executive Officer of QIMC and Ibrahim Jassim Al Othman, UDC President & Chief Executive Officer.
Commenting on the acquisition, Sheikh AbdulRahman bin Mohamed bin Jabor Al-Thani, Chairman of QIMC 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, he added.
For his part, Turki bin Mohammed Al Khater, 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. The sale will increase QIMC's shareholding in Gulf Formaldehyde Company from 20 percent to 30 percent, 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, commented UDC CEO Ibrahim Jassim Al Othman.
GFC was established in 2003 between Qatar Fertilizer Company (QAFCO), QIMC and UDC to produce Urea Formaldehyde Concentrate with a design capacity of about 170 tons 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.
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, number of new projects are in the stage of incorporation.
The State of Qatar has given great importance to the need of private sector involvement in the economic development process in the country by investing in small and medium industries. This trend was evident in the establishment of the Qatar Industrial Manufacturing Company in 1990, in which the State shared 20% in equity.
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