Abu Dhabi – Mubasher: Dana Gas has received regulatory approval to increase the foreign ownership limit to 100% instead of the previous 49% in the company’s shares.
The decision has come into effect on 29 May after it was approved by Dana Gas’ shareholders at its annual general meeting on 26 April 2023, according to a bourse disclosure.
Dana Gas noted that raising the foreign ownership limit aligns with the UAE’s new Commercial Companies Law that has abolished a requirement that UAE nationals own 51% of onshore companies.
This move is expected to attract more foreign investments and improve liquidity. Chairman of Dana Gas, Hamid Jafar, commented by saying: “Opening our company fully to foreign ownership will support the UAE’s vision of strengthening its dynamic capital markets by attracting greater numbers of international investors and deepening market liquidity.”
Regarding the UAE company’s outlook, Jafar stated: “Dana Gas’s growth outlook remain robust, both in the Kurdistan Region of Iraq where we are increasing production and in Egypt, where we are working to maximize the value from our assets by negotiating improved fiscal terms.”
In the first quarter (Q1) of 2023, Dana Gas generated net profits attributable to the equityholders at AED 183 million ($50 million), while its gross revenue reached AED 447 million ($122 million).
