Telco will convert to a public joint stock company from a corporation
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.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.