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QIMC Buys UDC's Stake in Gulf Formaldehyde of 400 thousand shares
February 19, 2018
Qatar Industrial Manufacturing Company (QIMC) announced its
acquisition of United Development Company’s (UDC) stake in Gulf
Formaldehyde Company (GFC). As per the deal, the UDC will sell
its 400,000 shares in GFC, representing 10% of GFC capital, to
QIMC. This will increase QIMC’s shareholding in Gulf
Formaldehyde to 30%.
Following the sale, QIMC's share in
the capital of Gulf Formaldehyde will climb from 20% to 30%,
while the sale will have a definite impact on UDC's financial
results for the first quarter of 2018.
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