In a statement sent to the Dubai Financial Market yesterday, the company stated that the ownership percentage of Emirati 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 agreed last January to amend the ownership percentage in the company’s shares according to these new percentages, and to cancel any previous decisions in this regard, taking into account the current shareholders who own more than 5% of the capital.
Ownership of company shares by any individual, institution, company, or body with a percentage exceeding 5% of the company’s capital is prohibited, and it is prohibited to own any company’s shares by any local or international telecommunications company.
The company indicated that with the entry into force of the decision to raise the percentage of foreign ownership of 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.
She added that inquiries related to foreign investment are likely to witness an increase during the coming period, especially in light of the company’s financial results during 2020.
The company achieved net income of 1.44 billion dirhams and revenues of 11.08 billion dirhams, with a growth of 224.1% in capital expenditures on an annual basis, the highest level recorded by the company for capital intensity in the previous five years. These figures confirm the company’s profitability and resilience, despite the challenging business environments.
In a separate statement, the Dubai Financial Market announced yesterday that the maximum limits of ownership percentages allowed in the Emirates Integrated Telecommunications Company have been changed.