Etisalat ups Zantel stake to 65%

Emirates Telecommunications Corporation (Etisalat) yesterday announced the purchase of an additional 14% stake in Tanzanian fixed line, internet access and mobile operator Zanzibar Telecom (Zantel) for USD16 million, raising its equity holding in the African firm to 65%. Etisalat said the move to increase its influence in Africa is part of a wider plan to help lower its reliance on revenues generated in its home market. Etisalat had last increased its stake in Zantel by 17% in October 2007. Commenting on the purchase of the additional shares, Etisalat’s Chief Financial Officer Salem Al Sharhan said: ‘The future is in data, information services and internet … Abroad, we will continue to look for opportunities everywhere. We will consider every market where we think we can be profitable.’