Etisalat Group raises its stake in Maroc Telecom, increasing ownership to 100%

MOROCCO – Etisalat Group, the UAE based Emirates Telecommunications Corporation has raised its stake in the Moroccan telecommunications company Maroc Telecom, after spending MAD 4.5 billion (US$505 million) on an acquisition deal. Etisalat Group CFO Karim Bennis confirmed in a regulatory filling to the Abu Dhabi Securities Exchange that the group had 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%. This acquisition will ultimately increase Etisalat Group’s effective ownership in…

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