(MENAFN - Qatar News Agency) Qatar Industrial Manufacturing Company (QIMC) announced today that it is increasing its stake in Gulf Formaldehyde Company (GFC), Qatar, by acquiring the 5% share held by Amwal. With this transaction, QIMC s stake in GFC rises from 15% to 20%.
In a press statement published at Qatar Exchange website, QIMC reaffirmed that the acquisition of additional stake in GFC was perfectly aligned with its growth strategy of investing in industrial projects that fit well in the broad economic context of Qatar.
Speaking on the occasion, QIMC Chairman, Sheikh Abdul Rahman bin Mohammed bin Jabor Al Thani said "We have a well orchestrated growth strategy that is focused on the manufacturing sector and over the years, we have built the expertise and processes that help us seek, evaluate and select investment opportunities in a systematic and timely manner."
" Though we are not averse to establishing fully-owned business units, we are also mindful of the synergistic benefits available from win-win partnerships with carefully chosen local and global partners", said Sheikh Al-Thani.
GFC is a Qatari shareholding company with a paid up capital of QAR 40 Million, which produces and sells Urea Formaldehyde Condensate (UFC). Its plant in Mesaieed fully integrated with the production facilities of Qatar Fertilizer Company (QAFCO), which is the majority shareholder in GFC and its prime customer.
For his part, QIMC chief executive Abdulrahman Abdullah al-Ansari said "The sale of our shares in GFC is in line with our strategy of investing in attractive companies and then providing an exit strategy to our investors with very attractive returns."
While, Mr. George Shehadeh, CEO of Amwal said, "GFC has including the first to offer financial planning and wealth management, first mutual fund, first Islamic mezzanine private equity fund and the first money market fund. It has recently received awards from Emeafinance for Best Asset Manager in Qatar- 2011 and from World Finance for Best Investment Bank, Qatar-2012."
Founded in 1998, Amwal was the first investment firm in Qatar to be licensed by the Qatar Central Bank.
QIMC was established in 1990 with 20%-80% Government-Private equity interests, with a vision of promoting small and medium industrial projects that gainfully utilize the natural resources and infrastructure of Qatar.