Abu Dhabi's FAB Surges as It Seeks More Foreign Investment - Bloomberg

Abu Dhabi's FAB Surges as It Seeks More Foreign Investment - Bloomberg:

First Abu Dhabi Bank PJSC jumped on optimism the lender will follow regional peers and raise the foreign-ownership limit on its stock.

The shares climbed in Abu Dhabi as much as 5.8 percent, the biggest increase since April 2017, before paring gains to 3.5 percent as of 12:29 p.m. local time. The ADX General Index added 1.6 percent. The United Arab Emirates’ biggest lender aims to raise the cap for foreign ownership to 40 percent from 25 percent, it said last week. 

Shareholders still need to approve the change at a meeting on Feb. 25. Investors from abroad held about 12 percent of FAB shares as of the end of last month, according to information on the stock exchange’s website.