Owner of Pearl-Qatar completes process of increasing capital
Qatar's United Development Company (UDC) has completed the process of increasing its capital by 50%, from QR550mn to QR825mn, an official release has said. The UDC rights issue was oversubscribed 41.9%.
Allotment of surplus shares “has been carried out in accordance with the Commercial Companies Law No5 of 2002 and Doha Securities Market has been notified accordingly,” the release said.
Refunds of surplus amounts will be sent by cheques from Commercialbank to shareholders starting this week, it said.
UDC wholly owns the Pearl-Qatar, the first and largest international real estate development project in Qatar.