Etisalat may increase Mobily stake

26 Jul 2012

Emirates Telecommunications Corporation (Etisalat), the United Arab Emirates’ incumbent telecoms operator, is considering boosting its holding in Saudi subsidiary Mobily. Speaking to Reuters, Etisalat CEO Ahmad Julfar said that the company had below-50% stakes in units in the fast-growing markets of Saudi Arabia, Nigeria and Pakistan, and that it may look to raise its shareholding in all three. Etisalat is currently undertaking a review of all its operations across the 17 countries in which it operates. The executive indicated that the company may sell some of the African operators held by its Atlantique Telecom division, and confirmed that it has put on hold plans to sell its 13% stake in Indonesia XL Axiata.

Saudi Arabia, Etisalat UAE, Mobily (Etihad Etisalat)