UAE hopes for more foreign investors in its stock after raising Telco Doo ownership cap

Dubai: UAE Telco Due expects foreign investors to come on board in significant numbers now and has raised its limit to 49 percent.

The company confirmed that the limit of increase will come into effect from today ( 23). Foreign investors currently hold less than 1 per cent – 0.74 per cent – of DU stock, which is listed on DFM.

He believes this number to explain them – “Last year, Emirates Integrated Telecom (EITC) achieved net income of Dh1.44 billion, revenue of Dh11.08 billion, and year-on-year capital expenditure. Increased by 24.1 percent. Year, ”Du said in a statement.

“The latter was the highest level of capital intensity in the past five years, and these emphasize EITC’s profitability and flexibility in a challenging business environment.”

But no new foreign investor can hold more than 5% equity. It was last that Du – as well as Etisalat – raised the foreign ownership limit from 20 to 49 percent.