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.