Dubai – Mubasher: Emirates Integrated Telecommunications Co. "du" on Sunday said that the proposal to reduce the company's capital will involve the cancellation of around 38.52 million shares, according to a filing to the Dubai Financial Market (DFM).
The shares to-be-cancelled were shares previously allocated to a programme to encourage employees, the company said.
The shares will represent 0.84% of du's total issued shares. The company's capital currently amounts to AED 4.57 billion, but following the cancellation of these shares, the capital will drop to 4.532 billion.
The board proposal the capital cut last Wednesday but the proposal is pending approval from the company's shareholders as well as the Securities and Commodities Authority (SCA).
The board also called for a shareholder meeting but did not specify any dates.
