DOHA: Qatar Industrial Manufacturing Company (QIMC) yesterday announced to have acquired the ‘Foreign Partner’s’ stake in Qatar Plastic Products Company (QPPC). With the acquisition of shares in the company, QIMC will now be a majority stakeholder in QPPC.
Sheikh Abdulrahman bin Mohammed bin Jabor Al Thani, Chairman of the Board of Directors of QIMC, signed the contract for the purchase of the foreign partner’s share in QPPC (33.33 percent) of the company’s capital, thus increasing its share capital to 66.66 percent.
Abdulrahman Al Ansari, Chief Executive Officer, said: “We are confident that this acquisition will strengthen our investment portfolio in the industry and that this transaction will have a positive impact on our profits.”
QPPC was established in 2000 with a capital of QR27m between Qatar Petrochemical Company (QAPCO), the foreign partner, and the Qatar Industrial Manufacturing Company for the manufacture and marketing of plastic products such as, pipes, plastic hoses and special plastic bags and multipurpose Wood-Plastic Composite. QPPC also has stakes in Qatar Wooden Products Company which produces wooden pallets.
Dr Mohamed Yousef Al Mulla, Managing Director & CEO of QAPCO, said: “This acquisition will play a pivotal role on Qatar’s economy. This step will contribute positively toward the commitment in supporting Qatar National vision 2030. We believe that this acquisition will play a strategic role that will pave the way towards sustainability and prosperity.”
