15-10-2024
United Development Co. announces it has signed agreement
in reference to “UDC” Previous Disclosure issued on 6 May 2024 regarding UDC Acceptance of Qatar Investment Authority (QIA) conditional offer to buy 40% of UDC share in Qatar District Cooling Company “ Qatar Cool “ its signing of a conditional Sale and Purchase Agreement with QIA Investco Holding Company LLC, a wholly owned company by Qatar Investment Authority to buy 40% share in Qatar District Cooling Company Q.P.J.S.C. (Qatar Cool) from UDC Shares in “ Qatar Cool “ for an amount of QAR 793.4 million.
The Transaction was approved at UDC’s Extraordinary General Assembly meeting, which was held on 9 June 2024 and is subject to fulfilment of customary closing conditions.
Noteworthy all the relevant laws and, regulations and the applicable procedures including declaring any updates in this regard will be taken into consideration.