Mubasher: Qatar Fuel (Woqod) on Monday announced that its extraordinary general assembly (EGM) has approved increasing non-Qatari ownership limit to 49% of the issued share capital instead of 25%.

The EGM also agreed on raising the private ownership to 1%, according to the company’s statement to the Qatar Stock Exchange (QSE).

In the same vein, the EGM amended article 9-1 of the company articles of associations in accordance with its recent decision.

In April 2018, Woqod announced its intentions to increase the ownership limit of non-Qatari investors in the company to 49%.

On the other hand, the company’s gas stations are expected to reach 88 gas stations by the end of 2018, and 120 stations by 2020, according to the statement.

By 09:45 am Qatar time, Woqod’s stock rose 0.34% at QAR 146.50.