Telecom giant opens up for investors

chika ebuzor 15:14 - 28 June 2015

Etisalat.

The federal government decided to lift the restriction of Etisalat stock ownership.

The Emirates Investment Authority(EIA),Etisalat’s major shareholder has decided to open its doors for foreign investment.

Though, each foreign investment will be strictly limited to 20% ownership, experts say this is a welcome development.

Reports reaching Pulse Tech say all restrictions hindering foreign investment in the Telecom company has been lifted.

The United Arab Emirate owns 60% of Etisalat shares and 40% stake is reserved for its nationals who want to invest.

According to an official statement from Etisalat, "The federal government decided to lift the restriction of Etisalat stock ownership by local institutions, foreign institutions and expatriate individuals provided that such ownership does not exceed 20 percent.”