United development company’s extra ordinary meeting approves amendment of article (29) of the company’s article of association

United Development Company (UDC), one of Qatar's leading public shareholding companies, held its Extra Ordinary General Assembly Meeting (EGM) Sunday, November 11, 2012 at 6:00 p.m.

The meeting, held at Mirqab Hall in Four Seasons Hotel Doha, was attended by the majority of shareholders who approved a Board of Directors’ motion to amend item no. 3 of Article 29 of UDC’s Articles of Association.

The amendment essentially reduced the amount of security of the rights of the Company, shareholders, creditors and others from the current minimum requirement of 1% (one percent) of the Company shares to not less than 100,000 shares of the Company Capital. The amended Article essentially paves the way for more candidates to run for membership of the Board of Directors.

“Amending item 3 or Article 29 confirms our commitment to apply the principals of corporate governance, to promote transparency in all of our operations and to pump new blood and ideas into the company, contributing as a result to the growth of real assets value and achieving high returns,” UDC Chairman Hussain Alfardan said.

CEO Ebrahim Mubarak Al-Sulaiti added, “At a time when UDC initiates and fosters professional practices, we will continue to strengthen the Company's position by adopting the best practices available in the field of development.”

The amendment comes at a time when UDC has reported significant revenue growth in equity and profits, as well as steady progress in the completion of existing projects at The Pearl-Qatar.

UDC’s founders and current Board Members are among Qatar’s most successful investors and developers. Thousands of Qatari shareholders hold 75 percent of the total shares and the remaining 25 percent are held by other GCC and international investors.