Etisalat: Foreign trading to start from September 15

Dubai: Etisalat Group said on Sunday its board has approved the new articles of association, which include controls and procedures governing foreign ownership.

Trading in Etisalat Group's shares on the Abu Dhabi Stock Exchange (ADX) by non-UAE individuals will start on September 15, the state-run telecommunications company said in a statement.

Foreign ownership as defined by Etisalat Group's Articles of Association will be limited to 20 per cent of the share capital.

Reacting to the latest development, shares of Etisalat jumped more than 5 per cent in a weak UAE market on hopes of its inclusion in the MSCI index.