Etisalat to open shares to foreign, institutional buyers on Sept. 15

Shareholders not granted voting rights

UAE: 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.

Read: UAE Etisalat telecom's profit dives 40% in Q2

Government-run 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.

Read: $800m payments: Etisalat, government may resolve PTCL dispute

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.