Mubasher: Qatar Fuel (Woqod) on Tuesday announced that the company’s board had approved increasing the ownership limit of non-Qatari investors in the company to 49% from 25%.
The state-run firm also raised maximum limit of individual ownership to 1% of the capital, said Saad Rashid Al Mohannadi, CEO of Woqod.
These "recommendations came in order to give effect to the instructions of Qatar Petroleum to its listed affiliate companies," Al Mohannadi noted.
The step has also 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 after Qatar's classification was raised by MSCI, in addition to implementing Qatar Petroleum’s strategy, according to the company's statement to Mubasher.
In March 2018, Woqod posted a 202.8% surge in profits to QAR 321 million for the fourth quarter of 2017, compared to QAR 106 million in the same quarter a year earlier.
