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Qatar’s United Development Co. (UDC) has signed a deal to divest 40% of its stake in Qatar District Cooling Company for QAR 793.4 million ($212.4 million).
The conditional sale and purchase agreement has been signed with QIA Investco Holding Company, a wholly owned unit of the Gulf state’s sovereign wealth fund, the Qatar Investment Authority, a statement said.
UDC is a Qatari public shareholding entity and the master developer of The Pearl and Gewan Islands.
The company controls 91.06% stake in Qatar District Cooling Company, also known as Qatar Cool.
Last June, the company’s Extraordinary General Assembly approved the transaction.
(Writing by Cleofe Maceda; editing by Seban Scaria)
