The UAE's Etisalat ETEL.AD is in talks with the government to allow it to fall under commercial law, allowing for foreign ownership of its shares which it considers undervalued, a top official said on Thursday. Chief Financial Officer Salem Al Sharhan said Etisalat, which is 60-percent owned by the UAE government, wants to transition to a company governed by commercial law and not the special law it was created and operates under. "It (the stock) is under priced," Sharhan told reporters. "We are in discussions with the government but ultimately it is their decision. The restriction is coming from that we are established according to a special law.
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