Etisalat cash dividend at 35%

Dubai : The general assembly of Etisalat has approved a 35 per cent cash dividend of the nominal share value for the second half of 2007 to be distributed to shareholders. This brings the total cash dividend distributed in 2007 to 60 per cent of the nominal share value. In its meeting on Monday, the assembly also approved the distribution of a 20 per cent share dividend, with one share distributed for each five shares. On the demand by some assembly members to allow foreigners to acquire Etisalat shares, Sultan Bin Saeed Al Mansouri, Minister of Economy, who represented the government in the assembly meeting, said Etisalat submitted a request to review the government concession and setting a proper mechanism for it. Etisalat also requested to transform from an establishment into a company, and the request has been submitted to the concerned authorities to take the proper decision. The authorities will also discuss the issue of foreign ownership of Etisalat shares, Al Mansouri said. Mohammad Hassan Omran, Etisalat Chairman, said the establishment is committed to providing the latest technologies available and world-class services, and has invested more than Dh3.4 billion to enhance its infrastructure in 2007. In a statement following the meeting, Omran said Etisalat would seek to become to a company, which would enhance its financial performance. « The transformation into a company requires an Emiri decree, since Etisalat was set up by a special law, which must be amended to allow the switchover onto a public joint stock company, » Omran said. Source: WAM