“Dana Gas Obtains Regulatory Approval to Raise Foreign Ownership Ceiling to 100%”

Dana Gas announced today, Monday, that it had obtained regulatory approval to raise the ceiling for foreign ownership of the company’s shares.

The company indicated, in a disclosure to the Abu Dhabi Securities Exchange, that this procedure is in line with the provisions of the new Commercial Companies Law, which abolished the requirement that UAE nationals own a share of no less than 51% of the capital of companies operating in the country.

And she explained that as of today, foreign investors can own up to 100% of the company’s shares, after the maximum foreign ownership did not exceed 49%, which was the decision approved by the company’s shareholders during the annual general assembly meeting held on April 26.

Hamid Jaafar, Chairman of the Board of Directors of Dana Gas, expected the company to achieve strong growth rates, whether in the Kurdistan region of Iraq, where work will be done to increase production, or in Egypt by working to maximize the value of assets through negotiation to obtain better economic conditions.