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UAE's First Gulf Bank caps foreign ownership at 15%

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Wednesday, 31 December 2008
WOT NO SPECULATORS: First Gulf's chairman blamed foreigners for irrational trading. (ITP Images)
WOT NO SPECULATORS: First Gulf's chairman blamed foreigners for irrational trading. (ITP Images)

Abu Dhabi's First Gulf Bank said on Tuesday it has halved its foreign share ownership limit to 15 percent to curb speculation which it blamed for a sharp decline in its stock price.

"In the last few months, FGB's shares have been irrationally traded in the market, resulting in share price decline by more than 50 percent," FGB Chairman Sheikh Hazza bin Zayed Al-Nahyan said in a statement.

"The decrease in the share price was in majority attributed to short term foreign speculators who took advantage of markets nervousness," he said.

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A board meeting agreed on Sunday to cap foreign ownership at 15 percent of the bank's capital, down from 30 percent, the statement said. (Reuters)

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SHARE PRICE CHECK

more » MIDDLE EAST MARKETS DATA

FGB.ADX

Last Price:

18.50

0.000.00%

25 Nov 2009 09:59 GMT
(Market Closed)

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  1. Deal sought on Dubai World, Nakheel debts 19
    26 Nov ' 09 at 20:13
    Red Devil/Sandjocky, I have also had several posts blocked over the past couple of days, posts that speak of the facts only as they...   More  »
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  3. Moody's cuts Dubai GRI ratings amid debt delay 02
    26 Nov ' 09 at 19:51
    Dubai World better change its slogan & reposition itself - Dubai LTD.   More  »

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