22.04.2015, 12:02
QCSD increases foreign ownership percentage of Qatar General Insurance and Reinsurance (QGRI) to 49%
OREANDA-NEWS. Qatar Central Securities Depository (QCSD)announced that it had amended the foreign ownership percentage in the shares ofthe Qatar General Insurance and Reinsurance Company (QGRI) to become 49% of thecompany''''s capital, as of the trading session of Wednesday, April 22nd,2015.
The QCSD explained that this amendment comes inthe implementation of Law No. (9), which allows foreign investors to own apercentage not more than 49% of each company listed on Qatar Stock Exchange.The Law also provides for the treatment of the GCC citizens as Qataris in termsof owning the shares of the listed companies.
Thismove comes after that Qatar Insurance and Reinsurance Company (QGRI) hasreceived an approval from its general assembly to amend the articles ofassociation in line with the law provisions, and following the approval of theMinistry of Economy and Commerce on the amendment.
The QCSD explained that this amendment comes inthe implementation of Law No. (9), which allows foreign investors to own apercentage not more than 49% of each company listed on Qatar Stock Exchange.The Law also provides for the treatment of the GCC citizens as Qataris in termsof owning the shares of the listed companies.
Thismove comes after that Qatar Insurance and Reinsurance Company (QGRI) hasreceived an approval from its general assembly to amend the articles ofassociation in line with the law provisions, and following the approval of theMinistry of Economy and Commerce on the amendment.
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