Qimc Announces Its Acquisition of United Development Company’s Stake in Gulf Formaldehyde Company

October 10, 2017

Qatar Industrial Manufacturing Company (QIMC) declares the finalapproval for UDC's offer to sell its 400,000 shares in Gulf FormaldehydeCompany (GFC) to QIMC, representing 10% of the capital of GFC.  This will increase QIMC’s shareholding inGulf 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 industrialsector as an active private sector company. QIMC hopes that this transactionwill have a positive impact on the company's profits and shareholders’ dividendin the long run”.

GFC was established in 2003, with a capital of QRs 40 million, betweenQatar Fertilizer Company (QAFCO), QIMC and UDC to produce Urea FormaldehydeConcentrate (UFC-85) with a design capacity of about 170 tons per day.