First Abu Dhabi Bank
The UAE’s biggest lender aims to raise the cap to 40 per cent from 25 per cent.
Sunday 03, February 2019
(Bloomberg) --First Abu Dhabi Bank (FAB) jumped on optimism the lender will follow peers and raise the foreign-ownership limit in its stock.
The bank’s shares climbed as much as 5.8 per cent to AED 15.6 at the open in Abu Dhabi, the biggest increase since April 2017. The ADX General Index added 2.5 per cent. Shareholders still need to approve the change in a meeting on 25 February. Investors from abroad held about 12 per cent of FAB shares as of the end of last month, according to information on the stock exchange’s website.
Similarly, Dubai-based Emirates NBD plans to quadruple the limit for foreigner to 40 per cent.