Etisalat ups share in African telco

Etisalat has increased its stake in West African telco Atlantique Telecom, buying a further 20% stake.

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By  Administrator Published  May 3, 2007

Etisalat has increased its stake in West African telco Atlantique Telecom, buying a further 20% stake.

The move takes Etisalat's total stake in Atlantique Telecom to 70% after first acquiring 50% of the company back in 2005, when it also assumed management rights over the organisation through a 10-year contract.

"Etisalat aims to develop services across all its investments in 14 countries in Africa and Asia. Etisalat's international achievements have mirrored the growth, development and innovation in the UAE," said Saeed Al Hamli, senior manager of portfolio management and integration at Etisalat International Investments.

Atlantique Telecom holds variant majority shares in seven telecoms operations in the Ivory Coast, Benin, Burkina Faso, Gabon, Niger, Togo and the Central African Republic.

These countries hold a combined population of approximately 60 million people and mobile phone penetration of less than 10% at present.

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