Abu Dhabi – Mubasher: Emirates Telecom Group’s (Etisalat) shareholders approved a transaction to buy back shares account for up to 5% of the company’s paid-up capital to be cancelled or resold later. 

Etisalat’s stock is traded at around AED 17.8, which brings the total value of the approved deal to AED 7.7 billion, the revealed on Thursday.

The Abu Dhabi-listed telecom firm’s OGM also approved the distribution of AED 6.95 billion in cash dividends for 2017, with a per-share dividend of AED 0.8.

Etisalat reported a 24.16% decline in profits in the fourth quarter of 2017. 

Etisalat’s capital amounts to AED 8.696 billion divided into 8.696 billion shares at a par value of AED 1 per share.