Bahrain-based Bader Group of Companies said it has acquired all the shares of Bahrain Development Bank (BDB) in Gulf Membrane and Coating Industries (GMCI) for $500,000.

Bader Group of Companies is one of the leading waterproofing contractors in the kingdom,

BDB owned 10 per cent of GMCI, which was established in 1983, with 90 per cent stake being held by the Bader Group of Companies.

The company's chairman and chief executive Fareed Bader thanked the BDB for its role as a development institution promoting entrepreneurship, innovation and development of small and medium enterprises.

"GMCI commenced commercial production in 1995, with a wide range of advanced technology products conforming to international quality and safety standards," he said.

"At GMCI, we maintain quality standards that continually challenge the industry norms, which help us in providing our customers with a superior grade product and an unmatched performance," stated Bader.

The company's product range includes bitumen waterproofing products in many varieties such as atatic polypropylene or styrene butadiene styrene modified membranes reinforced with polyester or glass fibre mat.

GMCI products are exported to 25 countries across the GCC, Middle East, Africa, Asia and Far East countries.-TradeArabia News Service