Telco Etisalat announces sale of stake in Thuraya Telecommunications Company to Star Satellite Communications
UAE-based telco Etisalat has completed the sale of its stake in Thuraya Telecommunications Company for AED137 million ($37 million) to Star Satellite Communications.
The stake has been sold to Star, a subsidiary of Al Yah Satellite Communications Company (Yahsat), acquired the stake after receiving regulatory approvals and the condition that it acquired at least 75.001 percent of Thuraya.
The sale announcement was made in a posting on Abu Dhabi Securities Exchange where Etisalat's shares are traded.
In April, Etisalat signed an agreement with Star to sell its 28.042 percent stake in Thuraya Telecommunications Company.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.