World VoIP NewsEtisalat ups Zantel stake to 65 percentEtisalat ups Zantel stake to 65 percent

Etisalat ups Zantel stake to 65 percent

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Emirates Telecommunications Corporation (Etisalat) yesterday announced the purchase of an additional 14% stake in Tanzanian fixed line, internet access and mobile operator Zanzibar Telecom (Zantel) for USD16 million, raising its equity holding in the African firm to 65%.
Etisalat said the move to increase its influence in Africa is part of a wider plan to help lower its reliance on revenues generated in its home market. Etisalat had last increased its stake in Zantel by 17% in October 2007.

Commenting on the purchase of the additional shares, Etisalat's Chief Financial Officer Salem Al Sharhan said: ‘The future is in data, information services and internet … Abroad, we will continue to look for opportunities everywhere. We will consider every market where we think we can be profitable.’

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