DOHA: Qatar Central Securities Depository (QCSD) has given the nod to Qatar Gas Transport Company (Nakilat) to increase its foreign ownership limit to 49 percent.
The QCSD explained that this amendment comes as part of the implementation of Law No. (9), which allows foreign investors to own a percentage not more than 49 percent of each company listed on Qatar Stock Exchange.
The law treats GCC citizens as Qataris in terms of owning the shares of the listed companies, a regulatory filing to Qatari bourse noted yesterday. This move comes after that Nakilat has received an approval from its general assembly to amend the articles of association in line with the law provisions, and following the approval of the Ministry of Economy and Commerce on the amendment.
Meanwhile, the ratings services agency Standard & Poor’s (S&P) yesterday reaffirmed Nakilat’s senior debt credit rating at ‘AA-‘with a stable outlook.