Etisalat raises stake in Sudan's Canar to 82%

Mergers, Acquisitions and Financial Results

A statement released by the Emirates Telecommunications Corp. (Etisalat) said that the company has taken control of Sudan's Canar Telecommunications by almost doubling its stake to 82 percent, Gulf News reported.

Etisalat, which operates in 16 countries, bought an additional 45 percent stake in Canar. Like other Gulf Arab telecom firms, Etisalat has been hunting for foreign assets as it faces growing competition in its home market, where its monopoly was broken by du last February.

In October, it took over Tanzania's fourth operator Zanzibar Telecom and in September bought an additional 40 percent stake in a new telecom firm in Nigeria.

MENAFN