United Development Company (UDC), the master developer of The Pearl Island and Gewan Island, held on Sunday Ordinary and Extraordinary General Assembly Meetings, which approved the strategic sale of its 40% stake in Qatar Cool.
UDC chairman Ahmed bin Ali al-Hammadi presided over the meeting, in the presence of the UDC board of directors, representatives of the Ministry of Commerce and Industry, and other shareholders.
During the Ordinary General Meeting, the board adopted the nomination policy ‘Nomination Procedures and Criteria for Membership of United Development Company Board of Directors’.
The Extraordinary General Assembly further approved the sale of 40% of UDC’s stake of 91.06% in Qatar District Cooling Company (Qatar Cool) to Qatar Investment Authority (QIA) for a proceed of QR800mn.
Additionally, it approved amending Article No (9) of the company’s Articles of Association (AOA) regarding foreign ownership percentage of the company’s shares to possibly reach 100% and authorised the chairman to approve the amendment.
The approval of these agenda items marks a pivotal step in UDC’s strategic growth and commitment to enhancing shareholder value, providing it with a substantial influx of financial resources.
This financial boost will enable UDC to invest in core projects and drive further innovation within The Pearl Island and Gewan Island. Additionally, the sale of a significant stake in Qatar Cool to QIA strengthens UDC’s financial position and ensures that Qatar Cool benefits from QIA’s expertise, enhancing its operational efficiency and competitiveness as a premier investment product. The partnership with QIA is also expected to bolster Qatar Cool’s capabilities, aligning with UDC’s long-term vision of sustainable development and operational excellence.
UDC chairman Ahmed bin Ali al-Hammadi presiding over the meeting, in the presence of the UDC board of directors, representatives of the Ministry of Commerce and Industry, and other shareholders.
