State-owned Qatar Petroleum’s (QP) retail arm Qatar Fuel (Woqod) has approved the decision to increase its foreign ownership limit to 49 per cent of the share capital, the company said in a press release.
In a general meeting held in Doha on 10 June, the company’s board also voted to raise the single shareholder ownership cap to 1 per cent.
The amended Article 9-1 of Woqod’s Articles of Associations reads as follows:
‘Except for the owner of the privileged share, Shafallah Center and the State of Qatar (as defined in Qatar Financial Market Authority Decision No 1 of 2016), the Qatar Foundation for Education, Science and Community Development, the Qatar Investment Authority and Qatar Holding Company, no natural or legal person may at any time - directly or indirectly - hold shares in the Company in excess of 1 per cent of the issued capital.
'Subject to the provisions of the above paragraph, non-Qataris may hold a total percentage of the capital of the Company not exceeding 49 per cent of the issued capital in accordance with the provisions of Law No 9 of 2014 regulating the investment of foreign capital in economic activity’.
In late March QP announced its decision to expand the foreign and private ownership caps in Woqod and three of its other subsidiaries.
At the time QP announced that the required corporate measures to implement the decision would be taken in a few weeks’ time.
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