DUBAI: Dubai Investments (DI), a diversified manufacturer and investor in property, plans to increase the limit on foreign ownership of its shares to 35 percent of its total capital, the company said yesterday.
Foreign investors now hold 13.7 percent of Dubai Investments’ shares out of the total 20 percent allowed, bourse data shows.
The firm’s shareholders, including sovereign fund Investment Corp of Dubai which has an 11.5 percent stake, will vote on the proposal at a meeting on April 15. The proposal follows similar moves by other Dubai-listed companies such as Deyaar and Union Properties, and Mashreq bank.
Companies in the UAE and Qatar are reviewing their foreign ownership caps before MSCI raises those countries to emerging market status in May. Reuters
