Etisalat Group [ETEL.AD] has signed a shareholders agreement with the other two shareholders of EMTS Holding BV (EMTS), which fully owns Etisalat Nigeria, and decreased its voting rights to 25% through the issuance of a new class of preferential shares in EMTS which increasing its economic stake to 45% through the issuance of new ordinary shares by the partial conversion of the shareholders’ loan into equity. Moreover, the shareholders of EMTS agreed to waive all the remaining outstanding shareholder loans. Etisalat Nigeria will continue to be treated as an associate on Etisalat Group’s consolidated financials. ( Company disclosure)   Etisalat (AD): AED17.80 as 12 Feb, Rating: Neutral, TP: AED18.63, MCap: USD42,180mn, ETISALAT UH/ETEL.AD