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|14 October, 2018

Etisalat lifts restrictions on foreigners' voting rights

Etisalat has lifted restrictions imposed on voting rights of the company's foreign shareholders, in a bid to augment FDIs inflows into the company over the coming period.

Image used for illustrative purpose. A man walks past a sign at the headquarters of telecommunications company Etisalat in Dubai October 25, 2011.

Image used for illustrative purpose. A man walks past a sign at the headquarters of telecommunications company Etisalat in Dubai October 25, 2011.

REUTERS/Jumana El Heloueh

ABU DHABI - Etisalat has lifted restrictions imposed on voting rights of the company's foreign shareholders, in a bid to augment FDIs inflows into the company over the coming period.

In 2015, the Cabinet issued a resolution amending the Federal Law No 1 of 1991, thereby allowing foreigners to own up to 20 percent of Etisalat's shares. However, the resolution did not give the company's foreign shareholders any voting rights.

The company's board authorised the management to take necessary steps to incorporate articles of association and obtain all required approvals to effect these changes so that foreign investors would have the same rights as national investors, the company said in a statement sent to Abu Dhabi Securities Exchange.

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However, the company's board said the recommendation remains subject to the General Assembly's approval.

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