Etisalat Plans to Allow Foreigners ‘Soon,’ Khaleej Says

July 29 (Bloomberg) -- Emirates Telecommunications Corp., the state-controlled company known as Etisalat, will “soon” allow foreigners to own its shares, Al Khaleej reported, citing Group Chief Executive OfficerAhmad Abdulkarim Julfar.

Etisalat is owned 60 percent by state-owned Emirates Investment Co., according to data compiled by Bloomberg. The Abu Dhabi-based company said on June 7 it’s up to the federal government to decide on foreign investments after Emarat Alyoum reported a law that governs Etisalat may be amended to allow foreign and institutional investors to own the company’s shares.

Etisalat’s second-quarter profit rose 17 percent to 1.87 billion dirhams ($508 million), beating analysts’ estimates. The shares have increased 1 percent this year compared with a 2.8 percent gain for the benchmark ADX General Index.

Julfar said Etisalat doesn’t plan to make acquisitions over the next two years, according to Al Khaleej.

To contact the reporter on this story: Maher Chmaytelli in Dubai at mchmaytelli@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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