UNITED DEVELOPMENT ANNOUNCES RENEWALS OF A CREDIT FACILITY AGREEMENT AMOUNTING TO QR 730 MILLION
United Development Company announced the renewal of credit facilities as follows:
-The objective to be achieved from the transaction is to develop Al Mutahidah Towers in the Pearl-Qatar
-The total value of the facility is 730 million Qatari riyals
-The method of payment is instalments over approximately 10 years
-The renewal agreement was entered with CBQ
-There is no impact on the financial position of the company due to the completion of this transaction
-Advantage is to contribute in developing Al Mutahidah Towers in the Pearl-Qatar, and there are no negatives impact or risks
-There is no conflict of interest between relevant persons in the transaction
-There is also no change in ownership percentages before and after the completion of the transaction
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