Etisalat announces date for opening up to foreign investors

Etisalat announces date for opening up to foreign investors

07 SEP 2015

Following its earlier decision to allow foreign investment, Etisalat finalised a date for the move, which is set for 15 September.

“Trading in Etisalat Group’s shares on the Abu Dhabi Stock Exchange by non-UAE individuals will start on Tuesday, 15 September 2015,” the company said in a statement.

“Foreign ownership will be limited to 20 per cent of the share capital,” the statement reiterated.

That is not the only condition that comes with the move.

Last month, the operator said that although foreigners can invest in it, the government will keep a veto over key decisions and that it may “establish a share buyback programme” at any time.

In Q2 2015, Etisalat’s profit took a heavy fall, with the blame pinned on higher depreciation and amortisation charges, the impact of affiliate Mobily’s woes, higher net finance costs and foreign exchange losses.

While the profit attributable to equity holders (net profit) fell by 39 per cent to AED1.53 billion ($417 million), the group delivered a cheerier message with a six per cent growth in revenue to AED13.3 billion.

Author

Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

Read more

Related

Tags