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Mon 27 Jul 2015 10:46 AM

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Dubai Holding unit seeking to sell stake in Maltese telco Go

Emirates International Telecommunications also owns 20% of UAE telco du

Dubai Holding unit seeking to sell stake in Maltese telco Go

A company owned by Dubai's ruler on Sunday said it plans to sell its 60% stake in Maltese telecom operator Go.

Emirates International Telecommunications (EIT), a unit of Dubai Holding, said in an emailed statement it "has not yet approached or identified any buyer for its stake", and "has only just started the process of evaluating its options."

Go is undertaking a restructuring process that includes spinning off a subsidiary, Malta Properties, and EIT will retain its stake in the new firm because it fitted with Dubai Holding's strategy of focusing on real estate investments, it said.

EIT also owns 20% of the UAE's No.2 telecommunications firm du and 35 percent of former monopoly Tunisie Telecom, according to its website.

Dubai Holding is an investment vehicle owned by the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum. Its subsidiaries include hotel group Jumeirah and real estate developer Dubai Properties.

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