Dubai's Emaar Properties to allow 100% foreign ownership | Markets – Gulf News
Emaar has called a shareholder meet September 21, to get their sign-off on increasing the developer’s capital by issuing 659.05 million shares at Dh1 each. This will see the developer’s new capital at Dh8.83 billion.
There will also be a ‘special resolution’ for shareholder approval to do away with the minimum shareholding by UAE and GCC nationals in the company. The proposed resolution will allow all the company’s shares to be nominal, and 'there is no minimum shareholding for UAE nationals and GCC nationals in the company, and there is no shareholding limit for non-UAE nationals'.
Emaar shareholders seem to have given their full approval to the latest moves by the developer, with the stock shooting past Dh6 in a 4.18 per cent climb within the first few minutes of DFM opening Thursday.
The stock is now at Dh6.21, with volumes already at 12.37 million.
Emaar already has 40 per cent foreign investor representation. In the UAE, Aramex, the logistics company was the first to allow up to 100 per cent foreign ownership. There are also Bahrain-headquartered GFH and IFA that have no ceilings.
No comments:
Post a Comment