Etisalat Group Exits Sudan By Selling Stake in Canar for $95 million

Etisalat Group Exits Sudan By Selling Stake in Canar for $95 million Image Credit: Etisalat

UAE-based Etisalat Group announced selling of its 92.3 percent stake in Sudanese fixed line operator, Canar to the largest bank in the country, Bank of Khartoum for 349.6 million dirham ($USD95.2 million).

Etisalat which bought its stake in Canar in 2004 and increased the stake in 2007, had earlier agreed to sell its stake in Canar for Zain Sudan for the same price, but the deal was objected by Bank of Khartoum which had 3.7% stake in the company. Zain Sudan is the largest mobile operator in the country with close to 12 million mobile subscriptions 

Abu Dhabi-listed Etisalat, which directly and indirectly operates in about 18 countries across the Middle East, Africa and Asia reported a 51 percent rise in second-quarter net profit. It made a net profit of 2.32 billion dirham ($631.7 million) in the three months to June 30. 

Ray is a news editor at The Fast Mode, bringing with him more than 10 years of experience in the wireless industry.

For tips and feedback, email Ray at ray.sharma(at)thefastmode.com, or reach him on LinkedIn @raysharma10, Facebook @1RaySharma

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