Quality Industrial Corp. (QIND) has amended its agreement to acquire a 51% interest in Al Shola Al Modea Gas Distribution L.L.C., removing previous financing commitments and restructuring the purchase price obligations. The amendment, effective October 22, 2026, was entered into with Al Shola Gas and the three individual shareholders who collectively own the remaining 49% of the company.
Under the amended terms, the total purchase price for QIND’s 51% ownership interest remains $10.0 million. The restructuring replaces previous debt financing, credit facility, and bank guarantee commitments with a new payment schedule. The company must pay $6.98 million on or before December 31, 2027, with the specific form of payment determined by QIND in its sole discretion.
Concurrently, QIND entered into a Share Exchange Agreement with its majority shareholder, Fusion Fuel Green PLC (Nasdaq: HTOO). Under this agreement, subject to closing conditions, Fusion Fuel will issue 500,000 of its Class A Ordinary Shares to the Al Shola Gas shareholders to satisfy $2.0 million of the purchase price. In exchange, QIND will issue common stock valued at $2.0 million to Fusion Fuel. If the share issuance does not occur by December 31, 2026, QIND must make an Alternative Payment of $2.0 million in cash or exchange-listed securities.
The restructuring introduces several additional terms, including the removal of QIND’s obligations to provide debt financing or guarantees for Al Shola Gas. The company also gains the right to acquire the remaining 49% of Al Shola Gas from the shareholders at $65,359.48 per share, exercisable on or before March 27, 2027. Additionally, Al Shola Gas is required to begin making quarterly dividend distributions equal to its profits for the previous fiscal quarter starting in the third quarter of 2026.
