Bloomberg News

United Development Extends Decline on Qatar Fund’s Stake Offer

January 02, 2012

Jan. 2 (Bloomberg) -- United Development Co. tumbled to the lowest level in three weeks after Qatar’s pension fund last week offered to buy a stake in the investment company for less than its trading price.

The shares dropped 6.8 percent to 22.81 riyals, the lowest since Dec. 8, extending the decline since the Dec. 29 announcement to 16 percent. The benchmark QE Index gained 0.1 percent at the close of trading.

Qatar’s state-owned Pension and Social Insurance Authority said it seeks to become a “strategic shareholder” in the energy and infrastructure investor by offering to buy 80 million shares at 20 riyals each.

--Editors: Ash Kumar, Claudia Maedler

To contact the reporter on this story: Alaa Shahine in Dubai at asalha@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus