Etisalat raises stake in Tanzania's Zantel
Dubai, April 18, 2010
Emirates Telecommunications Corp (Etisalat) said on Sunday it had raised its stake in Zanzibar Telecom Limited (Zantel) to 65 percent for $16 million.
Etisalat purchased a further 14 percent in equity in Tanzanian operator Zantel, the firm said in a statement posted on the bourse website on Sunday.
The group's chief strategy officer said in March that Etisalat's target was to generate 25-30 percent of its revenue from international operations in three years.
Around 10 percent of the group's revenue comes from its approximately 18 overseas operations, which also include India, Egypt and Saudi Arabia.
Etisalat, the Gulf region's second-largest telecommunications firm by market value, has been aggressively expanding outside the United Arab Emirates since its monopoly there was broken by Dubai-based du in 2007.
Etisalat's decision to increase its stake in Zantel comes after Kuwait's Zain sold most of its African operations, including its Tanzanian unit, to India's Bharti Airtel for $9 billion.
Other firms operating in Tanzania include market leader Vodacom Tanzania, a unit of the South African company, and Tigo, owned by Millicom Cellular. -Reuters
More IT & Telecommunications Stories
- Batelco wins key ISO certificates
- Global role for TRA Bahrain chief
- BlackBerry posts $4.4bn quarterly loss
- Huawei sees 4G revenue double to $4bn in 2014
- Govts must design hitech apps to woo citizens
- UAE to launch mobile number portability Sunday
- Batelco offers automatic bill payment
- Etisalat unveils business solutions for SMEs
- Top honours for Nawras female engineer
- Bahrain TRA showcases services at expo