The Emirates Integrated Telecommunications Company “du” announced the start of raising the percentage of foreign ownership, whether individuals, institutions or companies, in its shares from 22% previously, up to a maximum of 49%.
The company added, in a statement sent to the Dubai Financial Market today, Tuesday, that the percentage of ownership by UAE citizens, and Emirati institutions and bodies, has been raised to a maximum of 100% of the company’s capital.
The company’s board of directors had agreed last January to amend the ownership percentage in the company’s shares according to these new ratios and cancel any previous decisions in this regard, taking into account the current shareholders who own a percentage greater than 5% of the capital, while prohibiting the ownership of the company’s shares for any individual or institution. Or a company or body with a percentage exceeding 5% of the company’s capital, and ownership of the company’s shares by any local or international telecommunications company is also prohibited.
The company indicated in its statement that with the entry into force of the decision to raise the percentage of foreign ownership in the company’s shares, the liquidity available to foreign shareholders is expected to witness a significant improvement, in line with the increasing demand to provide additional space for interested parties, adding that inquiries related to investment are likely to witness. The foreigner will increase during the next period.
In a separate statement, the Dubai Financial Market announced today that the maximum limits of ownership percentages allowed in the Emirates Integrated Telecommunications Company have been changed.
At the end of Tuesday’s trading, Emirates Integrated Telecommunications Company “du” increased by 2.95%, to close at 6.63 dirhams, with active trading amounting to 3.57 million shares, with a total value of 23.8 million dirhams.
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