United Development of Qatar Says Investor Still Seeking Stake in Company

United Development Co. (UDCD), a Qatari investor in infrastructure and energy, said an investor is seeking to become a strategic shareholder in the company.

The company received a new letter from Qatar National Bank, representative of an investor, indicating it “still wants to join the company as a strategic shareholder by way of increasing the capital,” according to a statement on the Qatar bourse today.

United Development said on Jan. 29 that an investor pulled a request to buy a stake in the company after seeking to change the terms of an offer.

Qatar’s Pension and Social Insurance Authority offered to buy 80 million stocks of United Development for 20 riyals a share to become a “strategic shareholder” in the company, United Development said on Dec. 28.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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