QNB raises non-Qatari ownership limit to 49%

Mubasher: Qatar National Bank (QNB) on Wednesday announced that its shareholders had approved increasing the ownership limit of non-Qatari investors in the group to 49% from 25% during an ordinary general meeting (OGM) held the previous day.

The largest lender in the Middle East and Africa by assets raised maximum limit of individual ownership to 5% of the capital instead of 2%, according to QNB’s statement to the Qatar Stock Exchange (QSE).

The step has come after CEO of the Qatar Stock Exchange (QSE) Rashid Al Mansoori urged all the QSE-listed firms to increase non-Qatari share ownership to 49% in an effort to enhance the investment attractiveness of Qatari companies.

On the other hand, QNB’s profits rose 7% to QAR 3.4 billion during the first quarter of 2018, compared to QAR 3.2 billion in the same quarter a year earlier.

In February 2018, QNB’s board approved distributing a cash dividend of QAR 6 per share, equaling 60% of the share’s nominal value.

Mubasher Contribution Time: 18-Apr-2018 06:21 (GMT)
Mubasher Last Update Time: 18-Apr-2018 06:32 (GMT)