DOHA: United Development Company (UDC) has announced the withdrawal of a strategic shareholder and said the agenda of the company's extraordinary meeting to be held in February will be amended.
A press note posted on the UDC's official website said yesterday it has received a letter from QNB, representative of the strategic shareholder, explaining that the shareholder "stipulates his joining before the annual general meeting that will distribute the bonus shares to the current shareholders". The letter said the shareholder has decided to withdraw if his stipulation was not met.
The UDC statement said it responded to 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", the UDC said.
The statement said 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 extraordinary general meeting agenda and to recommend 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.
© The Peninsula 2012
