Dubai Holdings' unit to sell Tunisie Telecom stake
Dubai, June 22, 2013
Dubai Holdings' Emirates International Telecommunications (EIT) is selling its 35-per cent stake - bought in 2006 for $2.25 billion - in state-owned Tunisie Telecom, said the Tunisian government.
EIT has complained to the government since the uprising that toppled former president Zine al-Abidine Ben Ali in 2011 about strike action and workers' demands for higher pay.
In February 2011, a month after Ben Ali's ousting, Tunisie Telecom said it had cancelled plans to list on the Tunis and Paris stock exchanges after consultations with trade unions. Workers had threatened industrial action if there were job losses.
Tunisia has a population of 10.5 million people and mobile penetration of 95 percent.
Tunisie Telecom has more than four million mobile phone subscribers and one million for fixed-line services.-Reuters
More Finance & Capital Market Stories
- SABB gets Fitch ratings boost
- Saudi SABB prices $400m sukuk issue
- Shuaa Capital gets Moody's ratings upgrade
- QInvest ‘advised on $3.5bn sukuk in 2013’
- Al Hilal Bank wins top Islamic finance award
- Barwa Bank wins top Islamic banking awards
- ‘BPO offers big benefits for Saudi economy’
- Emaar approves bonds-to-shares conversion
- Higher oil production to boost Mena growth
- KHC names new finance chief