Du announces raising the percentage of foreign ownership to 49%
The Emirates Integrated Telecommunications Company "du" announced that it has started increasing the percentage of foreign ownership of individuals, institutions or companies in its shares from 22% to a maximum of 49%.
In a statement published on the Dubai Financial Market website, the company confirmed that it had raised the percentage of ownership by UAE citizens, and Emirati institutions and bodies by a maximum of 100% of the company's capital.
It is noteworthy that the Board of Directors approved, during its meeting last January, the amendment of the ownership percentage in the shares of the company and the cancellation of any previous decisions in this regard, while preventing the ownership of the shares of the company for any individual, institution, company or body at a rate of more than 5%, taking into account the current owners share For more than 5% of its capital, and ownership of its shares by any telecommunications company, whether local or international, is prohibited.
It is expected that the liquidity available to foreign shareholders will witness a significant improvement after the decision to increase the ownership percentage comes into effect, in line with the increasing demand to provide additional space for interested parties, and it is likely that inquiries related to foreign investment will witness an increase in the coming period.
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