Aramex a global provider of comprehensive logistics and transportation solutions, announced that it has obtained the necessary approvals from the Securities and Commodities Authority (SCA) and all other relevant regulatory authorities to officially increase the Foreign Ownership Limit (FOL) to 100% from 49%, making it the first onshore UAE company listed on the Dubai Financial Market (DFM) to allow for full ownership of its free-floating shares by foreign investors.
On Wednesday, 27th April 2022, Aramex’s Board of Directors passed a resolution to amend Article (6) of the Company’s Articles of Association to remove restrictions related to foreign investment and increase the Company’s Foreign Ownership Limit (“FOL”) to 100%.
“Aramex is a constituent of the FTSE Emerging Market Index and the MSCI Small Cap Emerging Market Index. The increase in foreign room is expected to increase the stock’s weight in these indices which means that Aramex could benefit from an increase of passive money from funds tracking the FTSE and MSCI,” Said Othman Aljeda, Chief Executive Officer of Aramex.
Source: Aramex
