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News Sorouh Real Estate to open more to foreign capital
News Sorouh Real Estate to open more to foreign capital | Sorouh Real Estate to open more to foreign capital | | Print | |
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TOKYO, April 8 (Reuters) - The United Arab Emirates' Sorouh
Real Estate plans to allow foreign investors to own up to 40
percent in the property company, up from the current ceiling of
20 percent, an executive said on Tuesday.
Firoze Kapadia, executive director of treasury and
investments, told Reuters the company's board would likely make
the decision at a meeting at the end of this month with the aim
of attracting more foreign institutional investors.
"We want to make an effort towards ensuring that the majority
of the shareholding rests with institutions, pension funds, fund
managers," Kapadia said on the sidelines of a road show for Abu
Dhabi firms in Tokyo organised by HSBC.
"We want to reduce the volatility in our share dealing."
When asked the likelihood of the board making the decision to
raise the limit on foreign ownership, Kapadia said: "Absolutely."
"Since we opened up to foreign institutions or foreigners
we've seen a huge increase in our share price. The institutions
understand what they are buying into," he said.
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