July 29 (Bloomberg) -- Emirates Telecommunications Corp., the state-controlled company known as Etisalat, will “soon” allow foreigners to own its shares, Al Khaleej reported, citing Group Chief Executive OfficerAhmad Abdulkarim Julfar.
Etisalat is owned 60 percent by state-owned Emirates Investment Co., according to data compiled by Bloomberg. The Abu Dhabi-based company said on June 7 it’s up to the federal government to decide on foreign investments after Emarat Alyoum reported a law that governs Etisalat may be amended to allow foreign and institutional investors to own the company’s shares.
Etisalat’s second-quarter profit rose 17 percent to 1.87 billion dirhams ($508 million), beating analysts’ estimates. The shares have increased 1 percent this year compared with a 2.8 percent gain for the benchmark ADX General Index.
Julfar said Etisalat doesn’t plan to make acquisitions over the next two years, according to Al Khaleej.
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