United Development Company (UDC) has decided the following:-
1. Approving the consolidated financial statements of the year 2011 as introduced to the Board of Directors.
2. Recommending to the Extraordinary General Assembly to distribute 64,350,000 shares as bonus shares at the rate of 4 shares for each ten shares (%40 of the capital) and thus increase the capital of the Company to be QR. 2,252,250,000 and amend the Memorandum and Articles of Association accordingly.
3. Recommending to the Extraordinary General Assembly to have the Pension and Social Insurance Authority as strategic shareholder through increasing the company's capital by 80 Million shares, offered at 20 Qatari Riyals (10 Qatari Riyals par value, plus a premium of 10 Qatari Riyals).
4. Recommending to the Extraordinary General Assembly to amend Article (8) of the Articles of Association by removing the following :( No natural or corporate person is allowed to own more than %10 of the total shares).
5. Approving that UDC should bear all costs, and take responsibility for all burdens, arising from the development of the fully owned subsidiary Hospitality Development Company (HDC) projects which are developed for the benefit of UDC.
6. Approving the assignment of the loan given to HDC by Arab Bank of a value of eighty million Qatari Riyals, from HDC to UDC, and taking all necessary actions required for this assignment.
7. Approving that UDC should offer guaranties for the above mentioned loan according to its terms and conditions, and authorizing UDC'''' Managing Director and President, or acting Managing Director and President, to take all necessary actions and steps to execute this assignment.
8. Approving that UDC should bear all costs, and take responsibility for all burdens, arising from the development of the fully owned subsidiary United Fashion Company (UFC) projects which are developed for the benefit of UDC.
9. Approving to grant UFC a total of QR 57,821,230 (fifty seven million, eight hundred and twenty one thousand two hundred and thirty Qatari Riyals), from UDC.
10. Authorizing UDC's Managing Director and President, or acting Managing Director and President, to take all necessary actions and steps to execute the above.