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Etisalat Will Pay 60% Cash Dividend and 10% Bonus


Abu Dhabi, United Arab Emirates : 23 February 2010

According to a company statement to the Abu Dhabi stock exchange yesterday the Etisalat board of directors proposed a cash dividend of 60 per cent on the face value of its shares for the year 2009.

The board also proposed to issue one bonus share for every 10 held.

Etisalat shares were not traded yesterday because of the board meeting of the company.

Mohammad Omran, Chairman said that the company is discussing to purchase a majority stake in the Kurdish telecom operator Korek, and is planning for further purchases in Algeria and Malaysia.

Omran said that the company intends to increase the input of its worldwide investments to 20 per cent of incomes by 2013 from 10 per cent existing now.

Omran declared that international growth is very significant for the company. Therefore the company is eyeing six markets in the Middle East, Africa and Asia.

Etisalat’s 98 per cent of net profit is earned through UAE customers. That’s the reason for company’s aim to enter into six more markets this year in addition to existing 18 markets in which the company is operating. It is aggressively following international growth plans as the local mobile penetration rate crossed 200 per cent mark last year.

Recently the company increased its stake in India’s Etisalat DB from 45 per cent to 50 per cent and bought 18 per cent shares in the West African operator Atlantique Telecom.

Etisalat purchased 26% shares of Pakistan’s largest telecom operator, PTCL in 2005. This is the only market that has not lived up to its potential.

Omran said that PTCL’s average income per user has declined to about $3 which is the lowest for the company’s international operators. Average income per user in Egypt is $5-$6 and UAE is $49.

Paul Holdsworth, Staff Writer, Gulf Jobs Market News
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