UAE’s Etisalat to open shares to foreign, institutional buyers on September 15

UAE telecommunications firm Etisalat will allow foreign and institutional investors to own its shares from September 15 after its board of directors approved the new rules governing ownership, according to a statement on Sunday.

Etisalat is worth nearly twice as much as the second biggest listed UAE company, 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 per cent of the company, but said last month that these shareholders would not be granted voting rights.

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