Qatar Navigation, also known as Milaha, said its board of directors has approved raising the percentage of non-Qatari ownership to 100 percent from the current 49 percent.

The Doha-based shipping and logistics group will amend the articles of association to the reflect this if its shareholders approve the move, it said on Sunday in a filing on the Qatar Stock Exchange where it is listed.

Earlier this month, Qatar’s cabinet approved a draft law to allow foreign investors to fully own companies listed on the exchange. Currently, 92.2 percent of its shares are held by Qataris, according to the company's website.

Milaha posted a 5 percent increase in net profit for the first quarter of 2021 to 297 million Qatari riyals ($81.5 million).     

(Writing by Brinda Darasha; editing by Seban Scaria)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021