Sunday, Feb 26, 2012
DOHA (Zawya Dow Jones)--United Development Co., builder of Qatar's man-made island The Pearl, has said the government is still interested in buying a stake in the company.
The statement comes less than a month after a state-pension fund withdrew its offer to become a strategic shareholder in the group.
UDC, whose chairman resigned last month, said in short statement on the Qatar Exchange it had been approached by the state-backed investor through Qatar National Bank.
"United Development Company announces that it has received a new letter from QNB, representative of the strategic shareholder, in which he indicates that the said shareholder still wants to join the company as a strategic shareholder by way of increasing the capital," UDC said.
Shares in UDC closed up 1.2% at QAR25.2 in a broadly positive overall market.
-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
26-02-12 1126GMT
