Etisalat Group Takes Ownership of Maroc Telecom
Etisalat Group has increased its stake in Maroc Telecom to 53%. It was announced by Karim Bennis, the Chief Financial Officer of the Etisalat Group in a company release.
“We would like to inform you that on 17 August 2021, Emirates Telecommunications Group Company PJSC “Etisalat Group” signed an agreement with Abu Dhabi Fund For Development to acquire their stake in Etisalat Investment North Africa LLC (EINA) of 8.7%, increasing Etisalat Groups’ ownership to 100%. EINA holds investment in Société de Participation dans les Télécommunications (SPT) that holds investment in Maroc Telecom Group. This acquisition will ultimately increase Etisalat Group’s effective ownership in MarocTelecom Group from 48.4% to 53.0%.
Accordingly, this will positively impact Etisalat Group’s consolidated net profits due to lower minority interest of group consolidated results and potentially increase future dividends from Maroc Telecom Group. Maroc Telecom Group has operations in 11 countries in Morocco and West Africa offering telecom services including mobile and fixed voice and broadband, mobile money and other telecom services.
The acquisition cost of approximately USD 505 million is subject to change based on prevailing market conditions such as foreign exchange rate
Excerpt from the Company Release
prior to the transaction completion. The acquisition will be funded by bank borrowings.”
