Wednesday 5 June 2013

Qatar Ups ‘Efforts’ to Raise Foreign Caps Before MSCI Decision - Bloomberg

"Qatar said it’s making “extensive efforts” to raise foreign ownership limits of companies on its bourse, a week before MSCI Inc. decides whether to upgrade the nation to emerging market status.
The foreign ownership caps of “several large listed companies is at or close to 25 percent of their market capitalization,” the Qatar Exchange cited Yousef Hussain Kamal, the Persian Gulf nation’s finance minister, as saying in an e-mailed statement today. “Several companies have actually exceeded this percentage.” Most companies in Qatar limit overseas holdings at 25 percent.
Qatar and the United Arab Emirates are under consideration for a possible reclassification at MSCI on June 11 from their frontier-market rankings for the fifth year. The index provider, whose gauges are tracked by investors managing about $7 trillion, said last year foreign ownership limits in Qatar needed revising. The caps are the main obstacle to an upgrade, Citigroup Inc. analyst Maria Gratsova said in a report today."

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