Doha: Aamal Company, one of the region’s largest and most diversified companies, announced yesterday that its Board of Directors has approved the sale of IMO Qatar, a dormant fully owned subsidiary of Aamal, to Frijns Structural Steel Middle East, an associate which Aamal holds a 40% stake, for an amount of QR6.5m.
This amount agreed upon reflects the value of expenses previously incurred over past years, including rent for land granted by Manateq, licenses, and other costs. This step is expected to support Frijns future expansion strategy by enhancing its production capacity to meet increasing market demand, thereby generating growth and adding value to all stakeholders.
Commenting on the decision, Rashid Al-Mansoori, Chief Executive Officer of Aamal Company, said: “This step reflects our ongoing commitment to optimizing our business portfolio and focusing on value-added activities that support the growth of our subsidiaries and associates. By selling IMO Qatar to Frijns Structural Steel Middle East, we are enabling Frijns to capitalise on this acquisition to enhance its production capacity and better meet the growing market demand, ultimately driving sustainable growth that benefits all stakeholders.”
