Etisalat wants to allow foreigners to own stakes

Etisalat has said it would seek to prop up its undervalued shares by allowing foreigners to own stakes through a key change in its status as a company governed by commercial law, Khaleej Times has reported.

The company is in talks with the UAE government to allow it to fall under commercial law to enable foreign ownership of its shares, Salem Al Sharhan, chief financial officer said. "We are holding talks with the government.

Once we move to commercial law the government will decide the level of foreign ownership," Al Sharhan said at a media roundtable.