Dubai – Mubasher: The Dubai Financial Market (DFM) on Wednesday has put the decision of cutting capital of Emirates Integrated Telecommunications Co (DU) into effect.

Du’s capital decrease was implemented through cancelling the 38.52 million shares which were allocated for the firm’s long-term incentive plan, the DFM’s statement added.

The UAE-based telecommunications provider posted 4% growth in profits to reach AED 475.65 million during the third quarter of 2017.

Emirates Investment Authority (EIA) owns a 39.5% stake in DU, while Mubadala Development Company owns a 20.08% stake.