Etisalat shares rise as it plans USD 2 bn share buyback

Etisalat shares popped around 4.1% yesterday as the UAE-based telecom company announced its plans for a USD 2 bn stock buyback, Bloomberg reports (paywall). The company’s board had recommended purchasing some around 5% of its paid-up capital. “The buyback is intended for canceling or reselling the shares, it said, without providing the terms.”