Emirates Integrated Telecommunications Du's board of directors has agreed to allow foreigners to own up to 49% of the company's capital.
According to Arabiya Net, the company said that the board of directors also approved allowing UAE citizens, whether natural or legal persons, to own up to 100% of its capital.
The decision, announced by the company today in a statement, prevented the acquisition of its shares by any telecom company, whether local or international.
The decision prohibits the direct or indirect ownership of any natural or legal person with a percentage exceeding 5% of the company's capital.
On the other hand, the Board of Directors of Emirates Telecommunications Company decided to raise the percentage of non-Emirati ownership of the company's shares from 20% to 49%.
and the company pledged the validity of the decision to amend the company's articles of association and the approval of the general assembly and the competent authorities.
The permissible limit for foreign ownership of Etisalat shares was about 20%. As for Du, there is no specific ceiling for foreign ownership of the company's shares.
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A financial analyst told Al-Arabiya that the shares of Du were available for ownership by foreign individuals, but they were not available for ownership by foreign institutions, indicating that this decision allows funds Dormant by investing in company shares.
