Etisalat, the UAE’s biggest telecoms operator by market capitalisation, plans to buy back 7.5 billion dirhams worth of shares from the market. The company's share price climbed following the announcement on Tuesday.
The board of Emirates Telecommunications Group, or Etisalat, has given a nod to “circulation share buy-back programme,” through which it intends to purchase up to 5 per cent of the firm’s paid-up capital, or 434.8 million shares, the telecommunications company said in a regulatory filing to Abu Dhabi Securities Exchange, where its shares are traded. The decision to buy back stocks is subject to the approval of the UAE’s capital markets regulator, Securities and Commodities Authority, and the company's shareholders who are scheduled to meet on March 21, it said.
Etisalat may cancel or resell the bought back stocks, it said without giving further details on the term of the planned transaction. The company has a market capitalisation of 151bn, and based on Monday’s closing share price, the 5 per cent buyback will be valued at 7.5bn.
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"Buying back shares is a way of rewarding sharesholders by pushing the share prices up and that’s a positive," said Sanyalaksna Manibhandu, the head of research at FAB Securities. "They [Etisalat] have been hinting at it for some time and now it is concrete. They have put down maximum of 5 per cent [of buyback] but market will be eagerly waiting for the price range [for the planned deal]."
The company’s shares rose as much as 4.1 per cent, the most in more than a year. It was the top stock in terms of traded value, ending the day 2.6 per cent higher at Dh17.75 a share. Abu Dhabi’s benchmark index fell 1.9 per cent.
Etisalat competes with Dubai-based du in the domestic market and has lost some ground to the incumbent in the recent years. Last month, Abu Dhabi-headquartered Etisalat reported Dh8.4bn in full-year 2017 net profit attributable to shareholders, a 0.3 per cent increase on the previous year. Its fourth-quarter net income, however fell 12 per cent to Dh2bn, according to calculations made by Reuters, in the absence of a quarterly breakdown.
The company, which last year deployed pre-commercial 5G network in certain locations in UAE, also said its subscriber base in the domestic market grew to 12.6 million in the fourth quarter of 2017, a 3 per cent increase from the same period in 2016. The company operates in 16 countries across the Middle East, Asia and Africa.
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
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Essentials
The flights
Emirates and Etihad fly direct from the UAE to Los Angeles, from Dh4,975 return, including taxes. The flight time is 16 hours. Alaska Airlines, United Airlines, Delta Air Lines, Aeromexico and Southwest all fly direct from Los Angeles to San Jose del Cabo from Dh1,243 return, including taxes. The flight time is two-and-a-half hours.
The trip
Lindblad Expeditions National Geographic’s eight-day Whales Wilderness itinerary costs from US$6,190 (Dh22,736) per person, twin share, including meals, accommodation and excursions, with departures in March and April 2018.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
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Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
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Financial considerations before buying a property
Buyers should try to pay as much in cash as possible for a property, limiting the mortgage value to as little as they can afford. This means they not only pay less in interest but their monthly costs are also reduced. Ideally, the monthly mortgage payment should not exceed 20 per cent of the purchaser’s total household income, says Carol Glynn, founder of Conscious Finance Coaching.
“If it’s a rental property, plan for the property to have periods when it does not have a tenant. Ensure you have enough cash set aside to pay the mortgage and other costs during these periods, ideally at least six months,” she says.
Also, shop around for the best mortgage interest rate. Understand the terms and conditions, especially what happens after any introductory periods, Ms Glynn adds.
Using a good mortgage broker is worth the investment to obtain the best rate available for a buyer’s needs and circumstances. A good mortgage broker will help the buyer understand the terms and conditions of the mortgage and make the purchasing process efficient and easier.
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