Qatar CentralSecurities Depository (QCSD) announced that it had amended the foreignownership percentage in the shares of the Qatar General Insurance andReinsurance Company (QGRI) to become 49% of the company''''s capital, as of thetrading session of Wednesday, April 22nd, 2015.
The QCSDexplained that this amendment comes in the implementation of Law No. (9), whichallows foreign investors to own a percentage not more than 49% of each companylisted on Qatar Stock Exchange. The Law also provides for the treatment of theGCC citizens as Qataris in terms of owning the shares of the listed companies.
This move comesafter that Qatar Insurance and Reinsurance Company (QGRI) has received anapproval from its general assembly to amend the articles of association in linewith the law provisions, and following the approval of the Ministry of Economyand Commerce on the amendment.