Abu Dhabi: Aldar foreign ownership limit raised to 49%
Abu Dhabi-based Aldar Properties announced its Foreign Ownership Limit (FOL) has been increased to 49%, from 40%, following completion of all regulatory formalities and will be implemented for trading effective today.
This follows shareholder approval of the increase at Aldar’s 2018 Annual General Meeting (AGM), which was held on March 21, 2018.
Talal Al Dhiyebi, CEO of Aldar, commented: “Active engagement with international investors has been an important focus for Aldar over the past few years and we have seen significant growth in our international shareholding over this time. The increase in our FOL to 49% will support further growth in our international shareholding, as well as providing greater liquidity in the stock as we embark on our growth strategy within Abu Dhabi and beyond.”
The developer actively participates in international investor roadshows to some of the world’s leading capital markets. In March, Aldar joined a host of other Abu Dhabi Securities Exchange-listed companies on a roadshow to New York where it presented Aldar’s equity proposition to a broad range of institutional investors.
The increase in the FOL is effective from April 15, 2018 and was implemented by the Abu Dhabi Securities Exchange (ADX).