Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has completed the direct sale of its 28.042% stake in Thuraya Telecommunications Company.

The stake has been sold to the Star Satellite Communications Company, a subsidiary of Al Yah Satellite Communications Company (Yahsat), after Yahsat acquired no less than 75.001% in Thuraya, Etisalat said in a filing to the Abu Dhabi Securities Market (ADX).

The final value of the share stood at $0.0553, accounting for $37 million of total AED 137 million, the UAE-based telecom firm indicated.

In April, Etisalat had signed an agreement with Star Satellite Communications Company to sell its 28.04% stake in Thuraya Telecommunications Company.