United Development Company (UDC) and its subsidiaries have announced exercising their right to purchase the shares allotted to them from shares of National Central Cooling Company (Emirati company) in Qatar District Cooling Company (Qatar Cool) worth QR378mn, and accordingly completing the purchase transaction of the said shares.
UDC chairman Turki bin Mohamed al-Khater said, “This increase enhances UDC’s investment portfolio. With the district cooling industry gaining momentum in the region and the Qatari market witnessing a shift towards cleaner energy and more eco-friendly technologies, Qatar Cool proves itself as a pioneer company boasting the world’s biggest district cooling plant at The Pearl-Qatar Island.”
Ibrahim Jassim al-Othman, UDC president, CEO, and member of the board, stated: “This purchase aligns with UDC’s vision and general expansion plans, which aim to invest in future promising businesses while sustaining good performing investments in our portfolio. Qatar Cool enjoys a strong financial position and financial performance, which will lead for this investment to bring future benefit to UDC and a positive return for shareholders.”Continue Reading