Mubasher: Qatar Central Securities Depository (QCSD) announced that it had amended the foreign ownership percentage in the shares of the Qatar Navigation Company (Milaha) to become 49% of the company's capital, starting from 7 October 2015.

The QCSD explained that this amendment comes in the implementation of Law No. (9), which allows foreign investors to own a percentage not more than 49% of each company listed on Qatar Stock Exchange.

The Law also provides for the treatment of the GCC citizens as Qataris in terms of owning the shares of the listed companies.

This move comes after that Milaha has received an approval from its general assembly to amend the articles of association in line with the law provisions, and following the approval of the Ministry of Economy and Commerce on the amendment.