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Dana Gas has overseas interests in Egypt and Kurdistan Region of Iraq. The company came up with a fair set of numbers for its latest financials. Image Credit: Supplied

Dubai: Dana Gas is the next listed UAE company to allow 100 per cent foreign ownership, joining the ranks of Emaar and Aramex that have already done so. The ADX-listed Dana Gas, which has already received the regulator approval, decided to make the switch in line with the UAE’s revised Commercial Companies Law that abolished a requirement UAE Nationals own 51 per cent of onshore companies.

Effective today, foreigners can hold up to 100 per cent of Dana Gas shares. The company’s shareholders had already given their approval at the April 26 AGM.

Dana Gas already has a sizeable foreign investor contingent among its shareholder ranks, at 37.11 per cent. UAE Nationals hold 45.6 per cent. The stock is trading at Dh0.81.

“Opening our company fully to foreign ownership will support the UAE’s vision of strengthening its dynamic capital markets by attracting greater numbers of international investors and deepening market liquidity," said Hamid Jafar, Chairman. "Dana Gas’s growth outlook remain robust, both in the Kurdistan Region of Iraq where we are increasing production and in Egypt, where we are working to maximize the value from our assets by negotiating improved fiscal terms.”

In the recent past, listed UAE companies across sectors - Emaar, Aramex, Amanat Holdings - have allowed 100 per cent rights. These have come on the back of UAE markets seeing multiple listings and drawing in more attention from global funds.

"Dana Gas has bulked its recent financials quite significantly, and clearing some of the legacy concerns investors had in the past," said an analyst. "Its Egypt, Kurdistan Region of Iraq operations remain on solid footing, and the stock had in 2022 benefited from the firming up in energy prices."