Mubasher: Qatar Industrial Manufacturing Company (QIMC) on Monday announced that it has completed the purchase of United Development Company’s (UDC) stake in Gulf Formaldehyde Company (GFC).

QIMC bought 400 shares of UDS’s stake in GFC, which represent 10% of GFC’s share capital, according to the company’s statement to the Qatar Stock Exchange (QSE).

After the acquisition, QIMC’s ownership in GFC rose to 30%, the company said, giving no further details on the value of the deal. 

QIMC seeks to boost its investment portfolio in the industrial sector, said company chairman Mohamed Bin Jabor Al-Thani, adding “QIMC hopes the deal will have a positive impact on its future corporate earnings”.

From his part, president and CEO of UDC Ibrahim Jassim Al-Othman 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.”