Etisalat sets September 15 to open foreign ownership of its shares

Non-UAE institutions and individuals would be able to hold up to 20%
Etisalat sets September 15 to open foreign ownersh

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Etisalat will start trading its shares to non-UAE individuals on September 15th.

"Trading in Etisalat Group’s shares on the Abu Dhabi Stock Exchange by non-UAE individuals (foreign individuals, foreign corporate entities, UAE free zone entities and UAE incorporated entities) will start on Tuesday 15 September 2015," said the company in a statement signed by Serkan Okandan, CFO at Etisalat Group.

"Foreign ownership as defined by Etisalat Goup’s Articles of Association will be limited to 20% of the share capital," reads the note.

Previously, the company said restrictions on who could own its shares would be partly lifted, opening the stock to foreign and institutional ownership for the first time.

The operator did not share the reasons behind the decision, taken by the federal government, or when the change will take place.

The Emirates Investment Authority (EIA), a UAE government fund that owns 60% of the business, had no intention of reducing its Etisalat stake for the time being.

The remaining 40% of Etisalat shares are owned by individual Emirati citizens.

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