Arkan offers 49% share ownership to foreigners

abu dhabi — Arkan Building Materials (Arkan), a leading construction and building materials company in the UAE, announced that its board of directors approved a resolution to open up its share register to foreign ownership. Subsequently, the Company’s General Assembly endorsed the decision and its Articles of Association have been amended to reflect the necessary changes. From October 24, 2016 non-UAE natural persons will be able to own up to 49 per cent of Arkan’s ordinary shares.

Established in 2005 and listed in January 2007, Arkan is 51 per cent owned by General Holding Corporation (Senaat), an entity wholly owned by the Government of Abu Dhabi to promote sustainable industrial activity in Abu Dhabi. Prior to this announcement the remaining 49 per cent of ordinary shares listed on the Abu Dhabi Securities Market (ADX) were held solely by UAE nationals. Arkan has a total of 1.75 billion shares in issue.