Dubai – Mubasher: The shareholders of Emirates Refreshments Company have approved to set the foreign ownership in the company's capital at a maximum limit of 49%.

The company's ordinary general meeting (OGM) has agreed on transferring the trademark Jeema to another company and changing the company's name to Emirates Reem Investment Company, according to the company's disclosure to the Dubai Financial Market (DFM) on Monday.

Meanwhile, the shareholders approved to determine the company's authorised capital at AED 600 million and increase the issued and paid-up capital by AED 270 million to AED 300 million from AED 30 million.

The new shares will be offered through the issuance of tradable subscription rights at a price of AED 1 per share, representing the nominal value of the share amounting to AED 1 for the new share.

The company will use the net proceeds raised from the rights issue to support the company's expansion by acquiring companies operating in different sectors.