Etisalat shares surge after announcing foreign buyers from Sept 15

September 15th is the date that the company announced
Etisalat shares surge after announcing foreign buy


Etisalat surged 6.3% to AED13.50 in early trading, after the company announced the date to start trading shares for foreign and institutional investors.

September 15th is the date that the company announced after its board of directors approved the new rules governing ownership.


Government-run Etisalat is worth nearly twice as much as the second biggest listed UAE company on the Abu Dhabi Securities Exchange (ADX), but its publicly-traded shares can only be owned by UAE nationals and all institutions are excluded.

In June, Etisalat said it would loosen these rules to permit foreign and institutional investors to own shares worth up to 20% of the company, but said last month that these shareholders would not be granted voting rights.

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