Etisalat denies 15% Egyptian sale at this stage

The UAE operator has denied the rumours it was looking to sell off a 15% stake in the consortium that won the bid for Egypt's third mobile licence.

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By  Alex Ritman Published  July 26, 2006

Etisalat has issued a statement rebuking suggestions that it plans to sell off 15% stake in the consortium that successfully bid for Egypt’s third mobile licence. The UAE operator, a 66% stakeholder in the consortium, won the licence in early July with a US$2.9 billion bid, but rumours circulated this week that it was looking to sell down some of its stake in the venture. Quoted in regional newspapers, Etisalat spokesperson Jaber Al Janahi said that the operator would retain a controlling stake, but was in talks with several bidders. “We see it as an opportunity. We are in talks with several bidders but have not yet chalked out the details of the sale,” he is quoted as saying. The responding statement declares that while the company is still receiving offers from companies interested in purchasing part of its share, it was not looking to sell now. “Etisalat does not intend to sell at this point,” the statement claims.

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