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23-Feb-2017

CBD to vote on allowing GCC investors to own up to 40% of the share capital

CBD said today that is adding a special resolution to be voted on during the AGM which will be held on 15 March 2017. Subject to regulatory and other approvals, if passed the special resolution would allow GCC investors (individual and companies) to own up to 40% of the. The resolution was added at the request of Al Futtaim Group.     We do not expect an impact on CBD’s potential for MSCI/FTSE inclusion as that requires share capital to be open to all foreign investors. (Company Disclosure, Mohamad Al Hajj)   CBD (DU): AED5.00 as of 22 Feb, Rating: Sell, TP: AED3.90/share, MCap: USD3,819mn, CBD UH/CBD.DU 

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