Doha: Qatar Oman Investment Company announced the completion of the sale of its entire 7 percent equity stake in Qatar Aluminum Extrusion Company to Qatar Industrial Manufacturing Company (QIMC).
In a statement on Qatar Stock Exchange (QSE) website yesterday, Qatar Oman Investment Company said that this step comes within the framework of implementing the company’s strategy to adopt a new policy of exiting some of its investments, with the aim of re-cycling its investments and directing them towards new investment opportunities that create added value for shareholders, in line with its long-term investment strategy.
Meanwhile, QIMC said that it has signed an agreement to purchase a 7 percent stake held by Qatar Oman Investment Company in Qatar Aluminum Extrusion Company (QALEX), bringing the company’s stake to 52 percent.
QIMC, established in 1990 with a capital of QR 396 million, holds stakes in 20 industrial ventures, all of which are in the production phase.
These projects span a range of sectors including petrochemicals, chemicals, construction materials, and food products. The company is also involved in several new initiatives that are still in the establishment stage.
Abdulrahman Al Ansari, CEO of QIMC, stated that QALEX was established in 2009 with a capital of 100 million Qatari riyals. The company produces 30,000 tons of aluminum profiles in various shapes and colors annually to meet the needs of the local market, which is witnessing increasing growth in the construction sector.
The company exports its products to more than twenty countries worldwide, citing their high quality and competitive prices.
QIMC hopes this deal will have a positive impact on the company’s profits and shareholder dividends in the medium term.
