Emirati telecom operator Etisalat has raised its stake in its African subsidiary Atlantique Telecom (AT) to 100%, say local reports.
The purchase of an 18% stake was reportedly worth US$75m.
Etisalat did not respond to the news at the time of…
Emirati telecom operator Etisalat has raised its stake in its African subsidiary Atlantique Telecom (AT) to 100%, say local reports.
The purchase of an 18% stake was reportedly worth US$75m.
Etisalat did not respond to the news at the time of publication.
Launched in 2004, AT has invested some US$532m to operate under the brand name MOOV in West African countries including the Ivory Coast, Benin, Gabon, Togo, Niger and Central Africa.
It also owned a stake in Burkina Faso’s Telecel Faso, but a court ruling in late September ordered it to sell it to its joint venture partner, the Ivorian group Planor Afrique.
Etisalat first acquired 50% of AT in 2005, for AED432m (?90m), at the time sealing a 10-year management contract to operate the group.
In 2007 and 2008, it upped its stake by another 20% and 12% respectively, for a total of AED669m (US$182m).
Of Etisalat’s total holding in AT, some 205 million shares – representing 25% of AT – are subject to a lien in favour of the Islamic Development Bank, Saudi Arabia, to secure some borrowings by AT, Etisalat notes in its 2009 annual report.
