Amidst investors, managers, employees and partners, du’s name appeared on the tickers of Dubai Financial Market for the first time.
This latest move on du’s part changes its shareholding percentage distribution which will now consist of a 40% share owned by the Federal Government, with the remaining 60% divided equally between Mubadala Development Company, Emirates Communications and Technology Company LLC (ECTC) and public shareholders, be they Emaratis or non-UAE investors, who were able to perform transactions on the first day of trading, given the initial offering was open only to Emarati nationals.
“We are all incredibly proud that this is a national company that was founded with our own expertise and without an international telecom partner,” said Mr. Ahmad Bin Byat-Chairman of du.
“du truly appreciates and values everyone who contributes to the prosperity of the UAE, be they Emaratis or non-UAE nationals, and we encourage everyone to participate. Today, when the bell rings and the tickers start wearing, Emaratis and non-UAE investors alike will be able to perform transactions as they wish.” Added Bin Byat.
Before the ceremonial ringing of the bell, Mr. Issa Kazem, Director General, DFM, congratulated du and its investors and said: Everyone knows that the telecommunications sector is the back-bone of any healthy economy, and a yardstick for any country’s development. du’ listing today is a significant step in the right direction for the UAE’s telecommunication sector, and its economy at large, thus I would like to join the well wishers and wish du and its investors all the best.”
Osman Sultan – CEO of du, who made a short speech before counting down the seconds to listing with the crowd, reiterated that du’s strength and success will stem from the company’s sense of responsibility towards its three essential foundations, its customers, employees, and investors.
He said: “du’s listing today is a great achievement for us and it once again brings to life our vision – to ‘connect, inspire and reward’. It also brings enormous responsibility. It means that we are accountable to the people who invest in our future and who rely on us to lead the company to even greater success.”
“The company will be judged on its results and performance and we will make it our goal to not just deliver those results, but to take you with us every step of the way”, Sultan also added.
The spokespeople pointed out that this has been a long awaited day in the making of du, and congratulated staff and partners that have spent great time and effort, and went to lengths to ensure this historic event’s timely arrival.
