United Development Company: Announce That Diarona District Energy Company (Subsidy of UDC) Share Acquisition Agreement

United Development Company Q.P.S.C. (“UDC”) announce that Diarona District Energy L.L.C. (“Diarona”), headquartered in Riyadh, Kingdom of Saudi Arabia owned by United District Energy International (“UDEI”)— 90 % owned by UDC—entered into a binding Share Purchase Agreement under which will acquire the entire shareholdings of the current shareholders: Ajlan & Bros Holding Group (“Ajlan”) and Axia Power Holdings B.V. (“Axia”), a subsidiary of Marubeni Corporation. Kindly note that the above-mentioned agreement is still to fulfil all the contractual conditions & in the process of obtaining the related regulatory approvals. Rest assured any updates will be announced accordingly at due time.