United Development Company P.S.C. : UNITED DEVELOPMENT COMPANY ANNOUNCES ITS BOARD OF DIRECTORS RESOLUTIONS
January 26, 2012 at 04:50 pm
By
Share
United Development Company (UDC) has decided the
following:-
1. Approving the consolidated
financial statements of the year 2011 as introduced to the
Board of Directors.
2. 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 to be QR. 2,252,250,000 and amend the
Memorandum and Articles of Association accordingly.
3. Recommending to the
Extraordinary General Assembly to have the Pension and
Social Insurance Authority as strategic shareholder through
increasing the company's capital by 80 Million shares,
offered at 20 Qatari Riyals (10 Qatari Riyals par value,
plus a premium of 10 Qatari Riyals).
4. Recommending to the
Extraordinary General Assembly to amend Article (8) of the
Articles of Association by removing the following :( No
natural or corporate person is allowed to own more than %10
of the total shares).
5. Approving that UDC should bear
all costs, and take responsibility for all burdens, arising
from the development of the fully owned subsidiary
Hospitality Development Company (HDC) projects which are
developed for the benefit of UDC.
6. Approving the assignment of the
loan given to HDC by Arab Bank of a value of eighty million
Qatari Riyals, from HDC to UDC, and taking all necessary
actions required for this assignment.
7. Approving that UDC should offer
guaranties for the above mentioned loan according to its
terms and conditions, and authorizing
UDC'''' Managing Director and President, or
acting Managing Director and President, to take all
necessary actions and steps to execute this
assignment.
8. Approving that UDC should bear
all costs, and take responsibility for all burdens, arising
from the development of the fully owned subsidiary United
Fashion Company (UFC) projects which are developed for the
benefit of UDC.
9. Approving to grant UFC a total
of QR 57,821,230 (fifty seven million, eight hundred and
twenty one thousand two hundred and thirty Qatari Riyals),
from UDC.
10. Authorizing UDC's Managing Director and
President, or acting Managing Director and President, to
take all necessary actions and steps to execute the
above.
distribué par
Ce noodl a été diffusé par UDC - United Development Company PSC et initialement mise en ligne sur le site http://www.udcqatar.com. La version originale est disponible ici.
Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-26 17:35:18 PM et restera accessible depuis ce lien permanent.
Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité.
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.
UNITED DEVELOPMENT COMPANY Q.P.S.C. 
By 
