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.