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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Maroc Telecom company renames all its subsidiaries to Moov Africa

WEST AFRICA – Maroc Telecom, a telecom company, has renamed all its eleven subsidiaries in Africa to Moov Africa as of January 1, 2021. The group majority owned by the Emirati Etisalat evokes “a new chapter” in its international development. Present in Morocco (domestic market), in Benin, in Burkina Faso, in Côte d’Ivoire, in Gabon, in Mali, in Mauritania, in Niger, in the Central African Republic, in Chad and in Togo, the operator who claims more of 70 million customers on the continent wants to unite its subsidiaries around a…

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Maroc Telecom posts a 9-month turnover of US$3Bn buoyed by international operations

MOROCCO – Moroccan telecommunications operator Maroc Telecom has posted a turnover of more than MAD 27.49 billion ($2.99 billion) during the first nine months of 2020, a 0.7% rise compared to a similar period in 2019. According to Maroc Telecom, its unwavering financial position is as a result of the strong resilience of international activities, which partially offset the decline in turnover in Morocco. Revenues from activities in Morocco during the first 9 months of 2020 were significantly affected by the COVID-19 pandemic, plummeting 3.6% to settle at about MAD…

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Maroc Telecom records positive results in the 1st half of 2020 despite COVID-19

MOROCCO – Maroc Telecom, one of Africa’s most capitalized companies, has released its financial results for the first of 2020, revealing a positive performance despite the economic downturn occasioned by the raging COVID-19 pandemic. According to the financial report, Maroc Telecom (IAM) reported an impressive turnover of MAD 18.3 billion ($1.92 billion) during the first 6 months of 2020. This, according to Morocco World News, is a 2.7% increase compared to the earning that the Moroccan telecommunications giant posted during the same period last year. The major drivers of Maroc…

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South Africa’s technology giant Prosus, top’s Africa’s top 250 companies

AFRICA – South Africa has once again dominated the market capitalisation of African Business Magazine rankings, with its technology giant Prosus leading the pack with a market capitalization of US$119.141 Billion. The technology giant was followed by other 7 South African based companies in the top 10 list of Africa’s most capitalized companies. These companies include Naspers, Financière Richemont, Anglo American, Anglo American Platinum, Firstrand, Vodacom Group, and Standard Bank Group. North Africa’s Maroc Telcom at number 8 and East Africa’s Safaricom at number 10 were the only other companies…

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Rise in mobile activity, customer numbers push Maroc Telecom’s profits to US$620m

MOROCCO – Morocco’s main telecommunication company Maroc Telecom realized a profit of MAD 6 billion (about US$620 million) in 2019, an increase of 1% compared to 2018. Maroc Telecom revealed this in a statement adding that its total revenue reached MAD 36.5 billion ($3.76 billion) in 2019, recording an increase of 1.3% compared to the previous year. The company attributed the slight improvement in its revenue to the growing mobile data activity in Morocco and African markets. Maroc Telecom also noted that its customer base reached 67.6 million customers in…

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