News Column

U.A.E.'s Etisalat exempted from mandatory tender offering for Maroc Telecom

May 24, 2014

ABU DHABI, 24th May 2014 (WAM) -- U.A.E.'s telecom major Emirates Telecommunications Corporation (Etisalat) has announced that, through its subsidiary Etisalat International North Africa (EINA), it was exempted from the mandatory tender offering in Itissalat Al-Maghrib (Maroc Telecom), listed in Casablanca and Euronext (Paris) Stock Exchanges by the Moroccan Authorities "Conseil Deontologique des Valeurs Mobilieres" (CDVM), in connection with its acquisition of a 53-percent shareholding in Maroc Telecom held by Vivendi.

Etisalat announced the successful completion of its acquisition of Vivendi s 53-percent shareholding in Maroc Telecom on 14 May.

The deal saw Etisalat expand its services to nearly 800 million people across 19 countries throughout the Middle East, Africa and Asia.

The final consideration amounted to 4.14 billion euros (AED20.86 billion) and Etisalat will start to consolidate Maroc Telecom and its subsidiaries from this month.

The effective interests in the capital of EINA are Etisalat (91.3 per cent) and Abu Dhabi Fund for Development (8.7 per cent).

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Source: Emirates News Agency (WAM) (United Arab Emirates)

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