Mubasher: United Development Company (UDC) on Wednesday announced completing the sale procedures of its 20% share in SEEF Limited to Qatar Petroleum (QP).
The sale amounted to QAR 214.35 million ($59.18 million), UDC revealed in a statement to the Qatar Stock Exchange (QSE).
On Monday, QP had announced the acquisition of UDC’s total share in SEEF Limited, noting that following the deal, QP would be the sole owner of SEEF.
Incorporated in Qatar in July 2004, SEEF Limited is specialised in producing linear alkyl benzene (LAB), the most common raw material in the manufacturing biodegradable household and industrial detergents. It also produces 80 billion metric tonnes of normal paraffin, 100 billion metric tonnes of LAB and 3.60 billion metric tonnes of benzene annually.
SEEF’s plant is located near Qatar Petroleum’s refinery in the Mesaieed industrial area, which 40 km south of Doha.
UDC last reported a profit of QAR 358 million for the period between July and September 2018, a decline from QAR 436 million in the same period of 2017.
UDC’s stock closed Wednesday in the green, adding 1.69% to QAR 15.01.
