Abu Dhabi- Mubasher: Emirates Telecommunications Group (Etisalat) announced Monday that it sold its 92.3% stake in Sudanese operator Canar Telecommunication Company Limited to the Bank of Khartoum for AED 349.6 million; a price per share of AED 17.504.

Thus, Bank of Khartoum has raised its stake in Canar to 96% from 3.7%, after it refused Canar’s stakes sale to the Sudanese subsidiary of Kuwait’s Zain, according to ADX bourse filing.

“The agreement is subjected to the approval of the Sudanese National Telecommunications Corporation and the Sudanese competition authorities,” Etisalat said in its statement.

Etisalat’s stock closed on Monday at AED 18.8, traded at AED 12.19 million through 649,150 shares.