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UNITED DEVELOPMENT ANNOUNCES RENEWALS OF A CREDIT FACILITY AGREEMENT AMOUNTING TO QR 730 MILLION

United Development UDCD -0.27% 1.13 -0.00

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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