Press releases, Reports & Disclosures for Emirates Telecom. Group Company (Etisalat Group) PJSC

The Board of Directors of Emirates Telecommunications Group Company (Etisalat Group) will hold a meeting on 20th February 2024 at 1:00 p.m. The agenda includes discussing the audited consolidated financial statements for the year ended 31st December 2023, prepared in accordance with the International Financial Reporting Standards (IFRS). They will also discuss a proposal for the distribution of final dividends for the year 2023, an invitation for e&’s General Assembly meeting, and other regular matters related to the company’s business.

Emirates Telecommunications Group Company PJSC (e&), has announced the termination of discussions about potentially increasing its stake in Etihad Etisalat Company (Mobily). Despite a period of engagement, a path forward for the potential transaction could not be determined. e& will continue to support Mobily as its largest shareholder and remains optimistic about Mobily's future in the growing Saudi market.

The Emirates Telecommunications Group Company (Etisalat Group) has announced that its subsidiary, Pakistan Telecommunication Company Limited (PTCL), has signed an agreement to acquire a 100% stake in Telenor Pakistan from Telenor ASA. The deal, based on an enterprise value of PKR 108bn, is expected to lead to a stronger outlook for the Pakistani telecom sector, improve service quality, and foster economic growth in Pakistan. The acquisition will also strengthen PTCL's position as a leading operator in mobile, fixed, and microfinancing services, serving over 70 million customers. The financial impact of the transaction represents an increase of approximately 8% and 7% of Etisalat Group's international revenues and EBITDA respectively. The deal is subject to regulatory approvals and customary closing conditions.

The letter is from Hasan Al Hosani, the Group Corporate Secretary of the Emirates Telecommunications Group Company (Etisalat Group), based in Abu Dhabi, UAE. Dated 12th December 2023, the letter is addressed to the Chief Executive Officer of the Abu Dhabi Securities Exchange. It discusses the resolutions of a recent Board Meeting held by the Etisalat Group. The meeting was attended by all board members and involved discussions on regular matters related to the company's business. The board passed suitable resolutions on these matters.

The Emirates Telecommunications Group Company (e&) has successfully acquired a 50.03% stake in Careem Technologies, known as Careem Everything App, for an investment of USD 400 million. This acquisition follows an announcement made in April 2023 about the agreement to acquire a majority stake in the app. Careem Everything App will operate alongside Careem's rideshare business, which is fully owned by Uber. The investment aligns with e&'s strategic ambition to scale up its consumer digital offerings and accelerate its transformation into a global technology group. The transaction is financed through debt and is not associated with related parties. The financials of Careem Everything App will be consolidated into e&'s financials from December 2023.

The Emirates Telecommunications Group Company (Etisalat Group) has announced a board meeting on December 12, 2023, at 2:00 p.m. to discuss regular matters related to the company's business. The announcement was made in a letter addressed to the Chief Executive Officer of the Abu Dhabi Securities Exchange.

The Emirates Telecommunications Group Company (Etisalat Group), also known as e&, has signed its first Green Loan agreement for AED 366 million (approximately USD 100 million) with a consortium of banks. This marks a significant step towards the company's commitment to sustainable practices and responsible financial management. The loan will fund eligible green projects in line with the UN Sustainable Development Goals, including renewable energy, energy efficiency, and clean transportation. The e& Sustainable Finance Framework has been assessed and approved by Morningstar Sustainalytics and aligns with several sustainability and green loan principles. The loan is structured with a bullet repayment at the end of a three-year tenure.

Emirates Telecommunications Group Company (Etisalat Group) has received new Royalty Guidelines from the Ministry of Finance for the telecommunications sector. The new guidelines outline the Telecom Federal Royalty regime for 2024 to 2026. Under the new guidelines, a federal royalty rate of 38% will be applied to the sum of regulated and non-regulated UAE net profit. The federal royalty amount will be deducted when calculating taxable income for UAE corporate tax purposes. In addition, a corporate tax rate of 9% on profit will be applied from 1st January 2024 to 31st December 2026.

The Emirates Telecommunications Group Company PJSC has released its review reports and condensed consolidated interim financial information for the nine-month period ending on 30th September 2023.