Ascendant Group Ltd confirmed yesterday that it has been granted exemption from 60-40 ownership rule, opening the way for more foreign investment in the company.In an announcement through the Bermuda Stock Exchange, the parent company of electricity provider Belco said its application to Business Development and Tourism Minister Wayne Furbert for relief from the rule that local companies should be at least 60 percent Bermudian owned had been successful.An amendment to the Companies Act earlier this year allowed publicly traded companies in certain “prescribed industries”, one of which is energy, to apply for 60/40 rule relief.Ascendant has been seeking funding to upgrade its plant and build a new power station. Last month, telecommunications group KeyTech Ltd was the first firm to successfully gain relief from the 60-40 rule.The easing of the restrictions makes it easier for qualifying BSX-listed companies to raise capital, by giving them unrestricted access to foreign investors.