403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
Saudi- KSA to open stock market to foreigners on June 15
(MENAFN- Arab News) JEDDAH: Saudi Arabia will open its $532 billion stock market to direct foreign investment on June 15 allowing qualified foreign institutions to buy shares the Capital Market Authority (CMA) said.
Final rules covering the opening of the market will be published on May 4 the CMA added.
The authority announced last July that it would permit direct foreign purchases of shares in the first half of 2015. Fund managers believe tens of billions of dollars will eventually enter the country as a result.
In draft rules released last August before a period of public consultation the CMA proposed a 10 percent cap on foreign ownership of the market's value.
Among other draft rules a single foreign investor could own no more than 5 percent of any listed firm while all foreign institutions combined could own no more than 20 percent.
Till now foreign investors have been restricted to buying Saudi shares indirectly through swaps or exchange-traded funds.
Final rules covering the opening of the market will be published on May 4 the CMA added.
The authority announced last July that it would permit direct foreign purchases of shares in the first half of 2015. Fund managers believe tens of billions of dollars will eventually enter the country as a result.
In draft rules released last August before a period of public consultation the CMA proposed a 10 percent cap on foreign ownership of the market's value.
Among other draft rules a single foreign investor could own no more than 5 percent of any listed firm while all foreign institutions combined could own no more than 20 percent.
Till now foreign investors have been restricted to buying Saudi shares indirectly through swaps or exchange-traded funds.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment