United Development Company P.S.C. : UDC Announces Withdrawal of Strategic Shareholder And Modifies Articles of Association in its Extraordinary AGM
January 29, 2012 at 03:51 pm
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United Development Company (UDC) has received a letter from
QNB, representative of the strategic shareholder,
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.
This is to inform you that the Strategic Shareholder has
decided to withdraw his offer of joining as Strategic
Shareholder.
And the Company Board of Directors has resolved that the
Agenda of Extraordinary meeting which will be held on 28
February 2012 shall be amended to be as follows:
Extraordinary General Meeting Agenda
Recommending to the Extraordinary General Assembly to
distribute 64,350,000 shares as bonus shares at the rate of
4 shares for each ten shares (%40 of the capital) and thus
increase the capital of the Company QR.
2,252,250,000 and amend the Memorandum and Articles of
Association accordingly.
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United Development Company QPSC is a Qatar-based company, which is engaged in a number of industry sectors. The principal activity of the Company, along with its subsidiaries, is to contribute and invest in infrastructure and utilities, hydrocarbon and energy, urban development, environment related businesses, marina and related services, fashion, hospitality and leisure, business management, advertising, providing information technology solutions and insurance agency activities, among others. The Company operates thorough the following segments: Urban Development, which includes real estate development and construction activities; Hydrocarbon and Energy, which includes production and sale of chemicals and hydrocarbon materials; Hospitality and Leisure, which includes the investment and development of hotel and leisure facilities, as well as Infrastructure and Utilities, which covers construction and management of district cooling systems and marina activities.