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Wed 19 Aug 2015 12:34 PM

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UAE's Etisalat amends corporate rules ahead of opening to foreign investment

Telco will convert to a public joint stock company from a corporation

UAE's Etisalat amends corporate rules ahead of opening to foreign investment

United Arab Emirates' Etisalat will convert to a public joint stock company from a corporation ahead of opening up shares to foreign investors, the company said.

The UAE cabinet has amended articles of association for the country's biggest telecommunications operator, Etisalat said in a statement to the stock exchange on Wednesday.

The amended law gives the government a special share with veto rights, while foreigners will have no voting rights, according to the statement.

Etisalat in June said it would open up to 20 percent of its shares to non-UAE citizens.

The company has one year to implement the changes, the statement said.

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