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U.A.E.: ESCMA approves listing of ETISALAT stock.

Asia Africa Intelligence Wire

| May 01, 2002 | COPYRIGHT 2002 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

The Emirates Telecommunications Corporation (ETISALAT) has received the approval for listing from Emirates Securities and Commodities Market Authority. The listing is expected to take place in "the very near future", a company official said. But sources said "the very near future" could be as short as one month.

The listing of ETISALAT, which is the heaviest weighted stock on the UAE stock market with a market capitalisation of 35 per cent of the total market, was now due for sometime. It is felt that once the listing takes place and the stock begins trading on the Abu Dhabi Stock Market, which is where it will be listed, it will have a major impact on the regulated financial markets in the country.

An ETISALAT spokesperson for "Khaleej Times" said that the telecom firm received approval from the Emirates Securities and Commodities Market Authority in March this year. He said that currently the listing is at the implementation stage. ETISALAT's share price has appreciated some 33 per cent since September last year to date following the share split. ETISALAT shares stopped trading early September last year to enable a split of one share of the face value of Dh100 to 10 shares of the face value of Dh10 each. Sources said that the share split gave fillip to the volumes and according to ...

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