Quality Industrial Corp. (OTCPK:QIND) entered into a binding letter of intent to acquire 51% stake in Al Shola Al Modea Gas Distribution (L.L.C) from Sanjeeb Safir for $10 million on March 25, 2024. Quality Industrial entered into a definitive Stock Purchase Agreement to acquire 51% stake in Al Shola Al Modea Gas Distribution (L.L.C) from Sanjeeb Safir on March 27, 2024. The consideration is payable as follows $9 million in National Exchange listed stock or cash to be paid to Seller. Payment in eight quarterly tranches over a period of 24 months, beginning from the first quarter following uplist to a National Exchange. Stock value to be protected by a make whole agreement/s and each tranche subject to a mutually agreed 12 months leak out agreement and Within 12 months of closing and at the soonest possible time, $1 million cash payment to the Seller. Al Shola Al Modea Gas has sales of $10.83 million and net profit of $1.79 million in 2023. The Buyer shall have the right but the obligation to purchase the remaining 49% of the company shares for a two-year period from the closing date at an amount prorated to the purchase price.

Quality Industrial Corp. (OTCPK:QIND) completed the acquisition of 51% stake in Al Shola Al Modea Gas Distribution (L.L.C) from Sanjeeb Safir on March 27, 2024.