Du announces foreign ownership limit increase to 49%

Foreign investment enquiries are also likely to be "extensive in due course" in light of EITC's 2020 financial results: Du statement

  
Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

Traders monitor stocks at the Dubai Stock Exchange in the Dubai World Trade Center.

REUTERS/Ahmed Jadallah

DUBAI - The Emirates Integrated Telecommunications Company (du), announced that it has raised its foreign ownership limit to 49 percent.

In a filing to Dubai Financial Market, the company said effective 23 February 2021, individual UAE nationals and wholly UAE establishments, companies and authorities can own shares in EITC up to a maximum of 100 of the share capital of EITC, while non-UAE nationals (whether individuals, establishments, or companies) can own shares in EITC up to a maximum of 49 percent of the share capital of EITC.

It added that foreign investment enquiries are also likely to be "extensive in due course" in light of EITC's 2O2O financial results.

© Copyright Emirates News Agency (WAM) 2021.

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