United Development Co. (UDCD) tumbled to the lowest level in three weeks after Qatar’s pension fund last week offered to buy a stake in the investment company for less than its trading price.
The shares dropped 6.8 percent to 22.81 riyals, the lowest since Dec. 8, extending the decline since the Dec. 29 announcement to 16 percent. The benchmark QE Index (DSM) gained 0.1 percent at the close of trading.
Qatar’s state-owned Pension and Social Insurance Authority said it seeks to become a “strategic shareholder” in the energy and infrastructure investor by offering to buy 80 million shares at 20 riyals each.
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