Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has secured the necessary approvals to raise the foreign ownership limit in its share capital to 49%.
Article 7 of the Federal Decree by Law No. 1 of 1991 concerning Etisalat was amended to increase the foreign shareholding limit in the company's capital, according to a bourse filing on Tuesday.
All the necessary approvals for amending the company's articles of association have been secured; hence, the decision has come into effect.
It is noteworthy to mention that during the first half (H1) of 2021, the company's net profits increased by 3.9% to AED 4.745 billion, compared to AED 4.566 billion in the year-ago period.
