19 January 2017
Foreign shareholders can now hold up to 49% in Islamic Holding Group (IHG), which is listed under the banks and financial services segment on the Qatar Stock Exchange. Qatar Central Securities Depository (QCSD) has amended the foreign ownership limit (FOL) in the shares of IHG up to 49% of capital, as at the end of yesterday’s trading session, a spokesman of the QSE said, confirming the development. 

The QCSD explained that this amendment complies with Law No (9), which allows foreign investors to own a percentage not more than 49% of each company listed on the domestic bourse. This move appears to have come after IHG received an approval from its general assembly to amend the articles of association in line with the law provisions, and following the approval of the Ministry of Economy and Commerce on the amendment. Many listed companies, it is learnt, are in the process of enhancing the FOL in view of the upgrade by MSCI, Standard & Poor’s-Dow Jones and FTSE Russell. 

So far, Nakilat, Milaha, Ezdan Real Estate, Commercial Bank, Aamal Company, Qatar General Insurance and Reinsurance and Doha Bank are among those received approval from the QCSD to enhance the FOL up to 49%. QCSD is a service providing company, licensed by the Qatar Financial Market Authority, engaged in providing safekeeping, clearing, settlement and depository services of securities and other financial instruments listed on the QSE. QCSD, which started operations on January 2, 2014, provides its services to individuals and institutional investors.

© Gulf Times 2017