QNB to seek shareholders’ approval to enhance single ownership limit

QNB is seeking shareholders’ approval to enhance the single ownership limit, close on the heels of the country’s largest lender suggesting a higher up to 49% foreign ownership limit (FOL).“An extraordinary general assembly will be convened to present and approve the proposed amendment to QNB’s Articles’ of Association by adding an agenda in this regard”, after securing the regulatory approvals,” a bank spokesman said.The proposal regarding this is listed as the seventh item to be discussed at the extraordinary general assembly meeting.Last week, QNB had announced intention to recommend to the extraordinary general assembly to approve increasing the percentage of non-Qatari ownership in the company’s capital to 49%, instead of 25% in accordance with the applicable provisions of Law No 9 of 2014 regulating the investment of non-Qatari capital in the economic activity and subject to approval of the concerned regulators.The proposed amendment comes in the wake of it seeking a higher FOL, sources said.It is understood that many listed companies are in the pipeline to allow a higher FOL, which comes after the QSE has been upgraded to emerging market status by various agencies such as MSCI, FTSE Russell and Standard and Poor’s-Dow Jones.