ADIB issued clarification yesterday that the clause in its Articles of Association allowing 25% foreign ownership limit (FOL) has been in place since 2006. An earlier disclosure suggested that the bank was seeking shareholders’ approval to amend its Articales of Association which would pave way for foreigners to buy stock in the bank. ADIB still awaits approval from local authorities to allow it to open up to foreign investors, and there has been no development on this front. (Company Disclosure, Shabbir Malik, Murad Ansari)
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