Wednesday, Feb 29, 2012
DOHA (Zawya Dow Jones)--Shareholders in Qatar's United Development Co. or UDC, have approved a $440 million government stake in the developer of the man-made Pearl island project.
Investors late Tuesday voted in favor of the state Pension and Social Insurance Authority buying 112 million shares in UDC worth 1.6 billion Qatari riyals ($440 million), the company said in a statement.
The deal was on the verge of collapse last month after the government pension fund withdrew its offer to become a strategic shareholder in the group, which built the flagship artificial island Pearl Qatar development on the outskirts of Doha.
Earlier in the week UDC, whose chairman Khalil Sholy resigned last month, said it had received a fresh approach by the government.
Established in 1999, the company has interests in real estate development, retail and civil contracting.
-By Alex Delmar-Morgan, Dow Jones Newswires; +974 6659 9818; alex.delmar-morgan@dowjones.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
29-02-12 0826GMT
