Emirates Integrated Telecommunications Company (Du) has announced raising the percentage of foreign ownership, whether individuals, institutions, or companies, in its shares from 22% to a maximum of 49%.
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The company added, in a statement to the Dubai Financial Market, today, Tuesday, that it has raised the percentage of ownership of UAE citizens, institutions and entities by a maximum of 100% of the company's capital.
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It is noteworthy that the Board of Directors of (Du), during its meeting last January, approved the amendment of the ownership percentage in the company's shares and the cancellation of any previous decisions in this regard.
while prohibiting the ownership of the company’s shares of any individual, institution, company or body at a rate of more than 5 percent, taking into account the current shareholders who own more than 5 percent of its capital. It also prohibited the acquisition of its shares by any telecommunications company, whether local or international.
and the company expected that the liquidity available to foreign shareholders would witness a significant improvement after the decision to raise the ownership percentage came into effect.
This comes in line with the increasing demand to provide additional space for interested parties, and it is likely that foreign investment inquiries will witness an increase in the coming period.
