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Etisalat to sell 28.04% stake in Thuraya

Etisalat to sell 28.04% stake in Thuraya
The transactions will not have a noticeable material impact on Etisalat’s financials
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ETISALAT
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Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has signed an agreement with Star Satellite Communications Company, a subsidiary of Al Yah Satellite Communications Company, to sell its 28.04% stake in Thuraya Telecommunications Company.

The transactions will not have a noticeable material impact on the company’s financials, Etisalat said in a filing to the Abu Dhabi Securities Market (ADX) on Sunday.

Closure of the transaction is subject to a number of terms and conditions and to regulatory approvals, as well as Thuraya shareholders’, which represent approximately 75% of shares, acceptance of the sale offer, the telecom firm highlight.

It is worth noting that Etisalat had signed an agreement with CK Hutchison Group last Thursday, upon which both firms will merge their mobile operations in Sri Lanka.