Du plans to cancel 0.84 per cent of the share capital

13/03/2017 06:07 AST

Emirates Integrated Telecommunications Company PJSC (du) said on Sunday it plans to cancel 0.84 per cent of the previously allocated to its long term incentive plan. The proposed transaction will involve nominally cancelling 38.52 million shares held by du, the company said in a statement.

du’s total issued share capital is currently 4.57 billion shares. Following the proposed cancellation, du’s total issued share capital will consist of 4.53 billion shares. du said it can confirm that its Board of Directors is recommending to shareholders a capital reduction.

Implementation of the capital reduction will require shareholder approval at a General Meeting which is expected to be scheduled in due course. In addition, the transaction is subject to approval by the Securities and Commodities Authority, the markets regulator.

Shares of du were down more than one and a half per cent at Dh6.03. The share has gained a fifth since the start of the year, compared to a 5 per cent increase on the Dubai index. The share has gained 26.13 per cent in the past one year.


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