Foreign ownership limit in QGRI raised to 49%

23/04/2015 00:36 AST

Foreign shareholders can now hold up to 49% in Qatar General and Reinsurance Company.

The Qatar Central Securities Depository (QCSD) has amended the foreign ownership limit (FOL) in the shares of the insurer to 49% of capital, as at the end of yesterday's trading session, a spokesman of the Qatar Stock Exchange said, confirming the development.

The QCSD explained that this amendment comes in implementation of Law No 9, which allows foreign investors to own a percentage not more than 49% of each company listed on the domestic bourse.

The law also provides for the treatment of the Gulf Cooperation Council (GCC) citizens as Qataris in terms of owning the shares of the listed companies.

This move comes after Qatar Insurance and Reinsurance Company received an approval from its general assembly to amend the articles of association in line with the law provisions, and following the approval of the Ministry of Economy and Commerce on the amendment.

QCSD had earlier amended the FOL up to 49% in Doha Bank and Commercial Bank.

Many listed companies, it is learnt, are in the process of enhancing the FOL in view of the upgrade by MSCI and Standard and Poor's-Dow Jones.

Gulf Times