Abu Dhabi's Etisalat Plans $2 Billion Buyback; Shares Climb
- Board recommends buying back of up to 5% of paid-up capital
- Buyback is intended for cancelling or reselling the shares
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Etisalat, the biggest telecommunications company in the United Arab Emirates, is seeking to buy back stock valued at as much as $2 billion. The shares climbed.
The board of Emirates Telecommunications Group, also known as Etisalat, recommended purchasing up to five percent of the phone operator’s paid-up capital, or 434.8 million shares, the Abu Dhabi-based company said in a statement. The buyback is intended for canceling or reselling the shares, it said, without providing the terms.