UDC shares halted over new investor talk
Dubai, December 28, 2011
Shares in Union Development Company (UDC), the developer behind Qatar's man-made Pearl island project, were suspended on Wednesday over its plans to bring in a strategic investor, the country's financial markets authority said.
UDC said earlier this month that it had been approached to enter into "serious negotiation" to add a new Qatari shareholder through issuance of new shares.
The Qatar Financial Markets Authority ordered the trading halt to give investors "equal and sufficient" access to information related to UDC's Dec. 5 announcement. The firm said it would put the matter before an extraordinary general meeting.
A UDC spokeswoman declined to give additional comment on Wednesday.
It was not clear when the shares, which last traded at QR24.36 ($6.68), would resume trading.
UDC listed on the Qatar stock exchange in 2003 and has interests in real estate, infrastructure, manufacturing and hospitality. – Reuters