QIND Acquires Majority Stake in Al Shola Gas, Eyes Expansion

Quality Industrial Corp. (QIND), a San Francisco-based manufacturer and service provider for the industrial, Oil & Gas, and utility sectors, has taken a significant step by acquiring a 51% interest in Al Shola Al Modea Gas Distribution LLC (Al Shola Gas), a company anchored in the United Arab Emirates with a focus on gas engineering and distribution. This move marks a pivotal development in QIND's strategy to strengthen its position in the Middle East and Africa.

Through the acquisition, which was finalized on March 27, 2024, via a Stock Purchase Agreement, QIND now has a major say in Al Shola Gas, taking over two board seats including the Chairman’s. Al Shola Gas, notable for being a leading contractor and distributor in the centralized gas pipeline systems and LPG cylinders sector, reported a revenue of nearly $11 million and a net income of $1.8 million in 2023, showcasing its robust market presence and financial health.

Post-acquisition, QIND aims to capitalize on the dynamic market by expanding Al Shola Gas's operations, focusing on securing more central gas pipeline engineering and supply contracts, and boosting its LPG bobtail truck fleet. This strategy aligns with responding to the high demand for bulk gas supply among customers in the region.

In addition to focusing on its new acquisition's integration and expansion, QIND has been exploring other strategic moves, including a potential Reverse Triangular Merger with a National Exchange listed company. This could further enhance QIND's market footprint while offering its shareholders an opportunity to engage with a broader financial ecosystem.