Friday , April 20 2018

Aldar increases foreign ownership limit to 49%

ABU DHABI / AGENCIES

Aldar Properties announced on Sunday that 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 from Sunday.
This follows shareholder approval of the increase at Aldar’s 2018 Annual General Meeting, which was held on March 21.
Talal Al Dhiyebi, CEO of Aldar, said, “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, he added.
Aldar actively participates in international investor roadshows to some of the world’s leading capital markets. Last month, 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 Sunday, April 15 and was implemented by the Abu Dhabi Securities Exchange (ADX). Shares of Aldar Properties climbed 2.4 percent, big-gest percentage increase in almost a month.
Since its launch in 2005, Aldar continues to shape and enhance the urban fabric of the UAE’s capital city in addition to other key areas of Abu Dhabi.
Aldar develops exciting and innovative projects, which include the internationally-recognised HQ building in the Al Raha Beach development, the Gate Towers in Shams Abu Dhabi on Al Reem Island, and Yas Island’s F1 circuit.

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