No decision on foreign ownership cap, says Sorouh
Abu Dhabi, April 9, 2008
Sorouh Real Estate, the UAE's third-biggest property developer by market value, said on Wednesday it made no decision about whether to allow foreigners to own a greater portion of its shares.
Sorouh's executive director of treasury and investments, Firoze Kapadia, said on Tuesday the company's board was likely to decide by the end of the month on whether to raise the cap on foreign ownership to 40 per cent from 20 per cent.
"No decision has been taken by Sorouh's board of directors in this regard," Sorouh chief financial officer Ala Khannak said in a statement on the Abu Dhabi bourse Web site on Wednesday.
Kapadia said Sorouh is looking to raise the foreign ownership limit to attract more foreign institutional investors.
Shares of Sorouh rose almost four-fold last year and were up 5.9 per cent to Tuesday's close. They ended up 2.17 percent on Wednesday.-Reuters