Doha - Mubasher: Qatar Industrial Manufacturing Company (QIMC) announced its intension to purchase a 10% stake of the United Development Company (UDC) in Gulf Formaldehyde Company (GFC), according to a bourse filing.

QIMC currently owns a 20% stake in GFC. As per the company’s statute, the priority in stake purchasing goes to the other shareholders.

In May, UDC announced its plans to sell its 10% stake in GFC.