Abu Dhabi: Etisalat on Wednesday said it has restructured its board. In a statement to the Abu Dhabi Securities Exchange, where its shares are listed, etisalat said the reappointment of the board was based on a Cabinet decision.
"Under this decision, all the government's past representatives have been reappointed to the board as per decree No 103 for 2008, which was issued on October 20, 2008, with the exception of Omar Bin Sulaiman and Saud Ahmad Abdul Rahman Ba Alawi who were replaced by Abdullah Mohammad Saeed Gobash and Shoaib Meer Hashem Khoury, respectively," the statement said.
Shares of etisalat remained unchanged yesterday at Dh10.40.
"Etisalat is one of the strongest telecommunication companies in the Mena region. It has a well diversified portfolio and the company has made sound investments which will provide good returns, long-term," Mousa Haddad, Head Trader with the National Bank of Abu Dhabi Asset Management told Gulf News by telephone.
Growth
Etisalat is the third-largest telecom player in the Gulf with operations in as many as 18 countries.
It has existing investments in Asia including Pakistan, Afghanistan, Indonesia and India — markets which are among the fastest growing in the telecommunications sector.
Etisalat is 60 per cent owned by the UAE government. In 2008, it bought a 45 per cent share in new Indian operator Swan Telecom for about $900 million.
