UDC Announces Re-Negotiation with Strategic Shareholder

Doha, February 26 (QNA)- United Development Company (UDC) announced re-negotiation with the strategic shareholder (General Authority for Retirement and Social Security) to join the company as a strategic partner. the UDC announced that it has received a new letter from QNB, representative of the strategic shareholder, in which it indicates that the said shareholder still wants to join the company as a strategic shareholder by way of increasing the capital. This issue will be presented to the extraordinary general meeting. UDC announced last January that the shareholder has decided to withdraw if its stipulation was not met. The company has received a letter from QNB, elucidating that the said shareholder stipulates his joining before the Annual General Meeting that will distribute the bonus shares to the current shareholders, and that the said shareholder has decided to withdraw if his stipulation was not met. The strategic shareholder based his decision on the argument that the offer was made on basis of some factors at the then. UDC answered the letter indicating that this new stipulation, made after the acceptance of the Strategic Shareholder's offer and its disclosure at the Qatar Exchange, is strange and surprising. UDC stressed that the factors, after the distribution of the bonus shares and the joining of the Strategic Shareholder, clearly indicate a better position. United Development Company was established in 1999 and listed on the Qatar Exchange in June 2003. (QNA)