Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat Group) on Monday announced signing a purchase agreement with the Sudanese Mobile Telephone Company Limited (Zain Sudan).

Under the agreement, the Sudanese subsidiary of Kuwait’s Zain will buy Etisalat’s 92.3% stake in Sudanese operator Canar Telecommunication Company Limited, the Abu Dhabi-listed operator said in a bourse filing.

Etisalat will receive a total cash consideration of AED 349.6 million, a price per share of AED 17.504.

“The transaction remains subject to certain conditions, including the approval of the Sudanese National Telecommunications Corporation and the Sudanese competition authorities,” Etisalat said in its statement.