Thursday 12, January 2017 by Jessica Combes

du shareholders approve proposed capital reduction

Emirates Integrated Telecommunications Company PJSC (du) held a general meeting where shareholders voted in favour of a board of directors’ recommendation to reduce the company’s capital, subject to final approval from the Securities and Commodities Authority (SCA) as well as other relevant authorities.

The company’s board of directors believes that the capital reduction will provide shareholders with an enhanced shareholding in the company and will result in du having a more efficient capital structure.

The proposed capital reduction will involve nominally cancelling 38,522,582 shares held by du and previously allocated to its employee long-term incentive plan, and represents approximately 0.84 per cent of du’s total issued share capital. Following the proposed cancellation, du’s total issued share capital will consist of 4,532,905,989 shares.

du intends to publish a notice to its creditors in two UAE Arabic-language daily newspapers on 13 January 2017, following the approval, and will allow a 30-day creditor notification period, expiring on 12 February 2017, before proceeding with the capital reduction.

  

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