Doha, October 10 (QNA) - Qatar Industrial Manufacturing Company (QIMC) declared the final approval for United Development Company's offer to sell its 400,000 shares in Gulf Formaldehyde Company (GFC) to QIMC, representing 10% of the capital of GFC.

This will increase QIMCs shareholding in Gulf Formaldehyde from 20% to 30%, according to a press release reported on Qatar Exchange.

Chief Executive Officer of QIMC Abdulrahman Al Ansari said that QIMC is committed to strengthen its investment portfolio in the industrial sector as an active private sector company.

QIMC hopes that this transaction will have a positive impact on the company's profits and shareholders dividendin the long run, Al Ansari said.

GFC was established in 2003, with a capital of QRs 40 million, between Qatar Fertilizer Company (QAFCO), QIMC and UDC to produce Urea Formaldehyde Concentrate (UFC-85) with a design capacity of about 170 tons per day. (QNA)