DOHA: Industries Qatar (“IQ” ), one of the region’s industrial giants with interests in the production, distribution and sale of a wide range of petrochemical, fertiliser and steel products, informed the Qatar Exchange that IQ’s activities related to the marketing, distribution and selling of all of the group’s products, with the exception of the group’s steel products, will be progressively migrated to Muntajat.
In a note to the Qatar Exchange, Minister of Energy and Industry, Chairman and Managing Director of Industries Qatar H E Dr Mohammed bin Saleh Al Sada, stated: “Industries Qatar fully supports this important initiative of the State of Qatar. IQ firmly believes that unifying the marketing efforts of all of the group companies and creating a national champion is in the best, long-term interests of the company, its shareholders and the State.”
On the likely financial effect of the change, Abdulrahman Ahmad Al Shaibi, Chief Coordinator, Industries Qatar, commented: “We do not expect the change to have an impact on the group’s 2012 financial results. In 2013, the changes will bring additional value to the group – the full impact of which will be disclosed in the group’s 2013 to 2017 business plan which is due to be released in early 2013 and presented to the next annual general assembly meeting.”
Further details will be disclosed to the Qatar Exchange in due course.
The Peninsula
