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FINANCIAL NEWS
Qatar’s UDP sells stake to local investor
01 Mar 2012
(MENAFN) Qatar’s United Development Company (UDC) agreed to sell stake to a local investor as it seeks to in a bid to boost its capital, Arabian Business reported.
The company said it sold 112 million shares in a deal worth USD439 million to the Pension and Social Insurance Authority.
The company also said that shareholders, in their recent meeting, agreed to scrap a clause prohibiting any shareholder from owning more than 10 percent of the company shares.
Last month, UDP posted USD1.03 billion profit for 2011, up from USD169.35 million in 2010, while assets grew to USD5.23 billion from USD2.9 billion in 2010.
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