Etisalat completes sale of its 24% stake in Thuraya for USD37mn
Etisalat Group [ETEL.AD] announced that it has successfully completed the sale of its 28.042% stake in Thuraya Telecommunications on 1 August 2018, according to a company disclosure. Thuraya Telecommunications Co. was sold to Star Satellite Communications, an SPV owned by Al Yah Satellite Communications (Yahsat), after all regulatory approvals were met, and after meeting Yahsat’s condition of acquiring at least 75.001% in Thuraya. The final consideration was to the tune of USD0.0553 per share, totalling USD37mn.
Etisalat (AD): AED17.15 as of 1 Aug 2018, Rating: Neutral, TP: AED18.60/share, MCap: USD40,641mn, ETISALAT UH/ETEL.AD
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