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Foreigners can now own up to 20 per cent of the telecom's shares. The amendment has also allowed UAE owned companies to own Etisalat's shares - before, only UAE individuals could own them.
The UAE Federal Law no one of 1991 has been amended to allow foreign investment in Etisalat's shares.
With a paid capital of Dh7.9 billion, Etisalat ranks 140th on Financial Times top 500 global companies.
However, foreign shareholders would not be entitled to a voting right at its general meetings, according to the amendment.
The new regime has changed telecom's legal name to Emirates Telecommunications Group Company PJSC, but continue to be known as Etisalat Group.
In accordance with the new law, the group will carry out the procedures required to implement and align its status with the provisions of the new law within one year from the date of its issue, the announcement said.
Eissa Al Suwaidi, chairman, Etisalat Group said the move "will have a positive impact for both Etisalat Group's shareholders and the Stock Exchange. It also sends out a strong signal that the UAE is open for business."
Salient features: Etisalat has subsidaries and interests in 19 telecoms of Asia, MENA, where its subscriber base exceeds 168 million, as at June 30, 2015 On June 22 when this development was first announced price of Etisalat share was Dh11.40 a share which jumped to Dh13.80 in subsequent days, in anticipation of greater interest. However, it came down in recent weeks due to lackluster trading due to regional situations to Dh13.45 on Wednesday, when 1.6 million shares valuing Dh220 million changed hands. |
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