Abu Dhabi – Mubasher: The share of Emirates Telecommunications Corporation “Etisalat” rose during the second half of Tuesday’s trading session, following Etisalat’s announcement that it sold its stake in seven companies.

The Company said earlier today that “Etisalat, Atlantique Telecom SA (AT) and Etisalat International Benin Limited (EIBL) have successfully completed the sale of Etisalat’s shareholdings in its operations in Benin, the Central African Republic, Gabon, the Ivory Coast, Niger, Togo and Prestige Telecom to Itissalat Al Maghrib (Maroc Telecom)”.

The final consideration for Etisalat’s equity and receivables from these seven companies amounted to EUR 474 million (AED 2.5 billion), Etisalat added in its statement to the Abu Dhabi Securities Exchange earlier today.

Etisalat’s rose by AED 0.1 to AED 11.15 after 777.79 THD shares were traded at a turnover of AED 8.65 million. The telecom sector added 0.9%, cutting the ADI’s morning losses to 0.7%.

Worth noting, by the end of the first nine months of 2014, Etisalat made up 54.26% of the UAE, whereas Emirates Integrated Telecommunications Company “du” accounted for the remaining 45.74% during the period. The UAE-based telecom firm’s capital amounts to AED 7.9 billion.

Photo Credit: Arabianeye-Reuters