New Straits Times

Etisalat plans US$2b stock buyback


ABU DHABI: Emirates Telecommun­ications Group (Etisalat), the biggest telecommun­ications company in the United Arab Emirates, is seeking to buy back stock valued at as much as US$2 billion (RM7.81 billion). The Etisalat board recommende­d purchasing up to five per cent of the phone operator’s paid-up capital, or 434.8 million shares, said the company. The buyback was intended for cancelling or reselling the shares, it said, without providing the terms.

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