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du, Etisalat increase foreign ownership limit to 49%

du, Etisalat increase foreign ownership limit to 49%
du has allowed non-UAE nationals to own shares up to 49% of the capital
DU
DU
0.14% 6.90 0.01
Etisalat
ETISALAT
-0.98% 20.16 -0.20

UAE – Mubasher: Emirates Integrated Telecommunications Company (du) and Emirates Telecommunication Group (Etisalat) have raised their foreign ownership limit to 49%.

Etisalat Group has increased the ownership limit for non-UAE nationals from 20% to 49% of its capital, according to its recent disclosure to the Abu Dhabi Securities Exchange (ADX).

This decision is subject to the approval of the group's ordinary general meeting (OGM) and the competent authorities.

Meanwhile, du has allowed non-UAE nationals, whether individuals or legal entities, to own shares up to 49% of its capital, according to its filing on the Dubai Financial Market (DFM).

UAE nationals have the right to own shares up to 100% of the capital.

The board has also decided not to permit local and international telecommunication companies to own shares in du.

In addition, individuals or legal entities are not allowed to own directly or indirectly over 5% of the company's capital.