Shareholders approve banks plans to raise limit from 25 to 49 per cent of free float
Doha-based Al-Khaliji Commercial Bank plans to raise the foreign ownership limit on its shares to 49 per cent of free float.
Shareholders approved the boards proposal during a meeting on 23 February 2014.
Al-Khaliji is one of several Qatari banks seeking to raise liquidity on their shares by opening up a higher amount to international investors. In June, Qatari authorities announced that Commercial Bank of Qatar and Qatar Islamic Bank were planning to raise their limits to 25 per cent of share capital.
More companies are expected to follow suit as Qatar gears up for its MSCI upgrade to emerging markets status in May 2014. The upgrade of both Qatar and the UAE is set to attract around $1bn from foreign funds, boosting stocks that meet the index compilers requirements.
Companies in the UAE have made similar moves, with Mashreq Bank and Union Properties looking to increase their caps to 49 per cent of their shares.
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