Shares of Etisalat were up 6.89% on the Abu Dhabi Stock Exchange today Tuesday. The stock received support from foreign liquidity, after bringing the percentage of ownership on the market to 49%, placing itself in second place in the rises of the Abu Dhabi stock exchange and closing at 24.16 dirhams per share.
The data seen by Al Arabiya.net show that foreign (non-Emirati) ownership of the company increased during today’s trading to 5.59% from 5.56% yesterday’s trading, a difference of 0.03%.
The percentage of foreign ownership (non-Arabs and Gulf citizens) in the company’s shares rose from 5.24% in yesterday’s trading, to 5.27% in today’s exchanges, while the percentage owned by Arabs and citizens del Golfo in the company’s shares remained at 0.03% and 0.29%, respectively.
The percentage of Emiratis owning shares in the company dropped to 94.41% on Tuesday, up from 94.44% on Monday.
The Emirates Telecommunications Group said the decision to increase the foreign ownership percentage of its capital to 49% has come in force today, Tuesday.
Etisalat added, in a statement to the Abu Dhabi Securities Exchange that all required approvals have been met to make the necessary changes to the company’s bylaws.
It takes note of the issue of the federal law decree n. 1 of 2021 amending some provisions of federal law no. 1 of 1991 in matters of Emirates Telecommunications Company, amending article 7, increasing the ceiling for foreign ownership of the company’s capital to 49%.
The Abu Dhabi Securities Exchange rose 1.18% to 7,718.342 points today Tuesday.
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