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Gulf News
  • 8 months ago
First Abu Dhabi Bank (FAB) added Dh8 billion in market capitalisation on Sunday after the bank received regulatory nods to hike its Foreign Ownership Limit (FOL).
Transcript
00:00Hello and welcome to Goldfish's daily business wrap up. First, Abu Dhabi Bank shares surged
00:055% today in trade after the bank said that it has received regulatory nod. The foreign
00:12ownership limit has gone up to 40% from the earlier 25%. So as soon as the trade started
00:17early morning, 1.5 million shares trade changed hands in early part of the trade, bringing
00:24the total to about 10 million shares, 10 times the daily average volume of 1.5 million shares.
00:31At the end, the FAB shares closed at about 5% higher to be at 15.58. The ADX index rose
00:402.4% to be at 5100 points. The Abu Dhabi Pension Fund has agreed to invest about $300 million
00:48in the Abu Dhabi oil pipeline. It's part of the Adnok Group, in addition to the previous
00:54investment that was announced by KKR and BlackRock. Now with this, Abu Dhabi Pension Group will
01:01hold about 3% stake in Abu Dhabi oil pipelines, in addition to 57% stake of Adnok and 40%
01:10stake of the private equity groups, which were KKR and BlackRock.
01:13Signs of global slowdown, the group of 20 countries has called for a truce to revive
01:18growth. They have said of timely policy action to revive growth and this may be in the form
01:24of policy actions from the finance ministers of G20.
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