Abu Dhabi – Mubasher: Etisalat stock has been actively traded during the first hour of Tuesday’s session, controlling 96% of total liquidity.
The stock rose by 2.81% to reach AED 14.65 by 11:00am UAE time, after 34.5 million shares were exchanged at turnover reaching AED 510.84 million.
The buoyant activity was spurred by starting trading on the stock by non-nationals, following Etisalat board’s approval on procedures of foreign ownership according to the new status of the group.
Etisalat announced earlier that its board has approved the controls and procedures governing foreign ownership based on the company’s new articles of association.
“Trading in Etisalat Group’s shares on the Abu Dhabi Securities Exchange (ADX) by non-UAE individuals (foreign individuals, foreign corporate entities, UAE free zone entities and UAE incorporated entities) will start on Tuesday, 15 September,” the company stated in a bourse filing.
The Etisalat Group added that foreign ownership as defined by its articles of association will be limited to 20% of the share capital.
The telecom operator previously announced making changes to some of its federal regulations and articles of association to allow the company in order to convert from a corporation into a public joint stock company, ahead of opening up for foreign investors.
