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Fri 3 Aug 2018 12:26 AM

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UAE's Etisalat completes sale of Thuraya stake for $37m

Telco Etisalat announces sale of stake in Thuraya Telecommunications Company to Star Satellite Communications

UAE's Etisalat completes sale of Thuraya stake for $37m

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.

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