RIYADH (Reuters) – Saudi Arabia’s Capital Market Authority (CMA) has relaxed a 49% limit for foreign strategic investors in shares of listed companies, it said in a statement on Wednesday.
The kingdom has introduced a raft of reforms in recent years to make its stock market, the region’s biggest, attractive to foreign investors and issuers.
The move is aimed to help “enhance the market’s efficiency and attractiveness and to expand the institutional investments base,” the regulator said in a statement on its website.
A Q&A document seen by Reuters said there will be no minimum or maximum limit for the targeted ownership percentage by strategic foreign investors and that they must retain shares for two years after date of ownership before disposing them.
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