The UAE's Etisalat Group has signed an agreement with the Abu Dhabi Fund for Development to acquire the fund's 8.7% stake in Etisalat Investment Company in North Africa, amounting to 8.7% of the company.
According to the agreement, the ownership of Etisalat Group will increase to 100% of the company, and this acquisition will increase the actual ownership of Etisalat Group in Maroc Telecom, Maroc Telecom Group, from 48.4 % to 53%.
It is noteworthy that the net profit of the Emirati Etisalat Group increased by 0.3% to about 2.4 billion dirhams in the second quarter of this year, and the total number of subscribers increased by 7% to reach 156 million subscribers.
The group's revenues rose by 6% to 13.2 billion dirhams in the same period.
The share of the group's subsidiary in Egypt was about 17% of the group's total subscribers, and 9% of the group's total revenue by the end of the first half of this year.
