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Tabreed's foreign ownership increases to maximum capacity
In a disclosure letter to Dubai Financial Market (DFM), the National Central Cooling Company (Tabreed), announced that its decision to increase the company's Foreign Ownership Limit (FOL) from 49 per cent to 100 per cent and the increase of the Individual Ownership Limit from 20 per cent to 100 per cent will be officially activated as of the close of December 23, 2022 trading session.
In DFM's trading today, Tabreed share closed higher by 10.14 per cent at Dh3.15 following trading of 7.5 million shares at a value of Dh22.29 million in 321 deals.
Tabreed share came third as the most active by values, and ranked fifth in the list of the most active by volume.
In September, Tabreed shareholders gave a go-ahead to remove the limit of shares that foreigners can invest in.
The company reported a net profit of Dh240.4 million ($65.4 million) for the first half of the year, an increase of three per cent compared to a year ago. — Wam
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