Monday, May 19, 2008

Etisalat - in Africa

UAE's Etisalat raises stake in Atlantique Telecom

Emirates Telecommunications Corp ETEL.AD (Etisalat) said on Monday it had bought an additional 12 percent in Atlantique Telecom, raising its stake in the Africa-focused company to 82 percent.

Atlantique holds majority stakes in seven telecommunications organisations in Africa, including in Niger, Togo and Gabon, Etisalat said in a statement on the bourse website, in which it called the company Atlantic Telecom.

It did not give a value for the deal.

Etisalat operates Atlantique through a 10-year management contract ending in April 2015.

Earlier this month, Etisalat's chairman said the company expected African investments to contribute no less than 25 percent of group revenue in three to four years.

Mohammed Omran said the Abu Dhabi-based firm expected to add an additional 4 million customers in West Africa by the end of next year.

He also said Etisalat was evaluating a possible bid for South Africa's MTN (MTNJ.J: Quote, Profile, Research), which is also a potential target of India's top mobile operator, Bharti Airtel (BRTI.BO: Quote, Profile, Research)

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