Dubai-listed Aramex allows 100% foreign ownership of shares

RIYADH: Aramex has become the first onshore UAE company listed on the Dubai Financial Market to allow foreign investors full ownership of its free-floating shares, a statement showed.

The global provider of comprehensive logistics and transportation solutions has obtained the necessary approvals from the Securities and Commodities Authority and all other relevant regulatory authorities to officially increase the foreign ownership limit to 100 percent from 49 percent.

Aramex Chairman Mohamed Juma Alshamsi said that the decision was enabled by the landmark reforms to foreign ownership and investment in the UAE, coupled with investor-friendly policies.

These reforms promote more robust corporate governance practices, serve to attract and protect the interest of all shareholders alike, he said.

Aramex board of directors passed a resolution on April 27, in order to remove restrictions related to foreign investment.