The issuance of a new decree Federal Law allows foreign investment in Telecom




n a historic step, was amended Federal Law 1 of 1991 under Federal Law by Decree No. 3 of 2015, was the new statute issued by the Council of Ministers in the United Arab Emirates, which introduces significant changes, including the ability to have foreign investors contributed to the “Communications Group “The legal name change to become the” Emirates Group Telecom public company “, and the continuation defined as” Communications Group “.

These changes allow for legal persons including institutions in the United Arab Emirates, or UAE government agencies, or other legal persons, owns shares in “Communications Group”. As for non-citizens the right of the United Arab Emirates from natural and legal persons have up to 20 percent of the “Telecom Group shares” -After the release of the upcoming approval of the Board
Eissa Al Suwaidi, Chairman of the Communications Group Management
Eissa Al Suwaidi, Chairman of the Communications Group Management

Management “Communications Group” -, not to enjoy the stock owned by individuals / foreign institutions the right to vote in the General Assembly for “Communications Group” is that he is entitled to the owners of these shares attend these meetings.

Essa Al Suwaidi, Chairman of Etisalat Group said: “The approval to allow the ownership of” communication group “shares by domestic and foreign institutional and individual decision of non-citizens is a step and an important event in the history of” contacts “, which will bring positive effects in the interest of shareholders and the market Financial alike. As we consider to be a strong signal to welcome the United Arab Emirates business and pivotal step towards strengthening the brand’s group contacts all over the world. ”

It will also be “an excellent share” version of the federal government of the United Arab Emirates “special contributor” in addition to ordinary shares after the issuance of the next approval of the Governing Council “Communications Group”. Also it has the right for “contacts” issuing different classes of stock group with the exception of the issuance of preferred stock, does not intend to “communication” issue any additional shares at this time group.
Ahmad Julfar, Group Chief Executive of “contacts”

Said Ahmed Julfar, Group Chief Executive of “contacts”: “This is a historic moment for” Communications Group “, which will enable us to build on the many achievements and successes that have been achieved over the past years and move us forward in our journey towards excellence in all our business and investment in all that we do from innovative products and services in harmony with the requirements of our customers in light of global communications sector enjoyed highly competitive. We are confident of “communication group” ability to continue to strengthen and enhance its performance and provide superior value to our shareholders over the long term. ”

This can be for “Communications Group” after the approval of the “special contributor” to a new operator set up in order to engage the company on the telecommunication network business and the provision of telecommunications services in the United Arab Emirates, and the establishment of the share repurchase at any time in accordance with the terms and procedures set forth in a law program relevant, and depending on the prior approval of the Securities and Commodities Authority.

And it would take “Communications Group” the necessary action to implement the provisions of the “new law” and adjust their positions according to these provisions within one year from the date of issuance.

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