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FINANCIAL NEWS
UAE- Etisalat mulls raising stake in Saudi Mobily
27 Jul 2012
(MENAFN) Etisalat’s CEO, Ahmad Julfar, stated that the UAE firm is considering lifting its 28-percent stake in Saudi affiliate Mobily, reported Arabian Business.
Julfar added that the telco may also increase stakes in other affiliates that operate in high growth and high population markets, including Nigeria and Pakistan to boost the company’s bottom line as it has only less than 50 percent stakes in Saudi, Nigeria and Pakistan.
The former monopoly and the UAE biggest telecom firm may sell some of its stake in its African subsidiary Atlantique Telecom unit.
It is worth noting that by the end of 2012, Etisalat will decide whether to take an impairment charge on affiliate Pakistan Telecommunication (PTCL), for which it originally paid USD2.6 billion for a 26 percent stake, which at the current time is worth nearly USD150 million.
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