UAE's First Gulf to reduce foreign share ownership

THUMBS UP: FGB used to allow foreigners to own 30% of its shares.

First Gulf Bank (FGB) said it received shareholder approval to reduce the foreign ownership limit on its shares by half to 15 percent and sell bonds in the future if the need arises.

Shareholders also approved the sale of 4 billion dirhams ($1.09 billion) in capital notes to the Abu Dhabi government, part of a $4.36-billion scheme by the emirate to recapitalise five of its banks, FGB said in a statement late on Wednesday.

The statement gave no details on how much FGB could seek to raise by issuing new bonds, nor when the sale might occur.

FGB used to allow foreigners to own 30 percent of its shares.

Shareholders also approved the payment of a 35 percent cash dividend. (Reuters)

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