Gulf Cement mulls higher stake for non-Qataris

Gulf Cement mulls higher stake for non-Qataris
Published: 05 February 2008

Qatar producer Gulf Cement is considering a higher 49% stake for non-Qatari investors, the third listed entity to make such a move.

The cement manufacturer, whose production capacity is 5000tpd, would be convening its ordinary and the extra ordinary general assembly meeting on February 17 to discuss the 49% stake for non-Qatari investors, according to Gulf Cement’s statement to the Doha Securities Market.

The move follows Masraf Al Rayan and United Development Company, which received approvals from the Ministry of Economy and Commerce to allow a higher foreign stake.

The agenda for the ordinary assembly meeting includes discussing the company’s future plans; purchasing land for the purpose of real estate investment; approving the Board of Directors proposal to transfer profits into retained earnings to be utilised for future expansion; and endorsing the balance sheet, profit and loss statements for 2007.