Monday, Jul 04, 2011
(This item was originally published on Sunday.)
DUBAI (Zawya Dow Jones)--Abu Dhabi-based insurer Finance House said Sunday that an extraordinary general meeting approved a move to allow up to 20% foreign ownership.
Under its previous structure only United Arab Emirates nationals had the right to freely acquire and trade Finance House shares.
"We are pleased with this step. On this occasion, I would like to invite investors form across the region and internationally to participate in the growth of Finance House, which has proven to be one of the fastest growing groups in the region," said Finance House Chairman Mohammed Abdulla Alqubaisi in a statement posted on the Abu Dhabi bourse website.
Foreign ownership levels have proved a hot topic in the U.A.E. over the past few weeks.
Just last month global index manager MSCI postponed a decision to upgrade the U.A.E. and Qatar to emerging market status, from frontier, until December, as it needed more time to study whether both countries merit promotion. Investors in both the Arab Gulf stock markets were looking for an MSCI upgrade amid hopes that increased foreign fund inflows would reinvigorate the markets' fortunes, but stringent foreign ownership limits were seen and remain a key sticking point.
Finance House shares last traded Tuesday at AED3.60.
-By Tim Falconer, Dow Jones Newswires; +9714 446-1690; tim.falconer@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
04-07-11 0353GMT
