Etisalat, the UAE based telecoms group, is preparing for expected regulatory changes that will allow foreign investors to buy shares in the company, according to Etisalat group CEO Ahmad Abdulkarim Julfar.
The CEO comments, quoted in Al Khaleej…
Etisalat, the UAE based telecoms group, is preparing for expected regulatory changes that will allow foreign investors to buy shares in the company, according to Etisalat group CEO Ahmad Abdulkarim Julfar.
The CEO comments, quoted in Al Khaleej newspaper, were picked up by media across the region which pointed out that the remarks resulted in a 1.41% rise of Etisalat shares yesterday, closing at AED9.35 (US$2.54).
In the interview with Al Khaleej, Julfar said that Etisalat is in talks with the UAE government over the matter, and that he expects a lift of current restrictions, which ban foreigners from owning shares in Etisalat, soon. No further details or a possible timeframe for the regulatory change to take effect were given, but the CEO said that the investment council was currently working on the amendments.
Etisalat is in favour of easing foreign ownership rules, and has submitted recommendations to the UAE government and investment authority.
The telco is 60% owned by the state.
Spokespeople for Etisalat did not immediately reply to requests for comment.
