Mubasher: Qatar Industrial Manufacturing Company (QIMD) on Wednesday announced that it has completed acquiring the foreign partner's share in one of the associates in Qatar Plastic Products Company (QPPC).
The acquisition was financed by a profit – based guarantee and very competitive terms medium-term loan from a local lender, according to a filing to the Qatar Stock Exchange (QSE).
After completing the process, QIMD’s stake rose to 66.66% and Qatar Petrochemical Company's (QAPCO) stake reached 33.34%.
QAPCO is the other key shareholder and commercial partner in the Plastic Company.
The share of the company's profits in 2017 amounted to QAR 4.5 million, with expectations to double by the end of this year due to the acquisition, Abdulrahman Al Ansari, CEO of QIMD, said.
“The transfer has allowed QIMC to have the controlling interest and is within its strategy to improve the return on its investments and increase its profits,” Al Ansari commented.
QIMD did not give further details concerning the acquisition's value.
By the end of Tuesday’s session, QIMD’s stock rose 0.74% at QAR 40.69.