Etisalat sells 92% stake in Sudanese telco Canar to Bank of Khartoum

15 Jun 2016

Emirates Telecommunications Corporation (Etisalat) has announced that the Bank of Khartoum has exercised its right of first refusal regarding the sale of the UAE telco’s entire shareholding in Sudanese fixed line operator Canar Telecommunication Company (Canar) to Zain Group, which was announced last month. The Bank of Khartoum, which holds a 3.7% stake in Canar, has signed an agreement with Etisalat to purchase its 92.3% shareholding in the Sudanese operator for a total cash consideration of AED349.6 million (USD95.2 million), implying a price per share of AED17.50. The transaction remains subject to certain conditions, including the approval of Sudanese regulator the National Telecommunications Corporation (NTC) and the country’s competition authorities.

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