Doha – Mubasher: Qatar Financial Markets Authority’s (QFMA) board of directors issued during its meeting on Sunday Law No (1) of 2016 concerning the ownership of shares of companies listed in the Qatar Stock Exchange (QSE) except companies regulated by the Qatar Central Bank (QCB).
Under the new law, the ratio of ownership of listed companies’ shares is set to be as defined in the statute of the company, and no one, natural or legal, is allowed to exceed this percentage either directly or indirectly.
The resolution set a deadline of five years to dispose of any excess of the limit, and committed concerned authorities adjust their position according to the provisions of the new law.
The law also prohibits benefiting from any excess in voting and decision-making processes.
QCB earlier set the percentage of ownership of QSE listed companies’ shares at 5% of the company’s capital, with the possibility to increase the ratio of to 10% with prior approval from the bank.
