La compañía emiratí Etisalat aumenta su presencia en la operadora de telefonía marroquí Maroc Telecom
UAE telecommunications services provider Etisalat has invested an additional USD 505 million in Maroc Telecom to increase its presence in the Moroccan company, demonstrating the strong interest of the UAE telecoms industry in the North African country's market.
Etisalat officially announced that it had reached an agreement worth exactly USD 505 million with the Abu Dhabi Development Fund to acquire its stake in Etisalat Investment North Africa (EINA), which has an equity presence in Maroc Telecom Group through another group of companies, as reported by The National.
This will increase Etisalat's stake in Maroc Telecom from 48.4 per cent to 53 per cent (it was previously a majority shareholder), which is expected to increase its consolidated net profit and future dividends.
"This will have a positive impact on Etisalat Group's consolidated net profit due to the lower minority share of the group's consolidated results and potentially increase Maroc Telecom Group's future dividends," said Karim Bennis, chief financial officer of Etisalat Group, in the official statement issued by the Emirati company.
Maroc Telecom is present in 11 West African countries and is the largest operator in Morocco's domestic market; according to mobile research and forecasting agency GSMA Intelligence, the Moroccan company reached 19.6 million mobile connections in the second quarter, well ahead of competitors inwi and Orange Maroc. Meanwhile, the other Abu Dhabi-based player is active in 16 countries in the Middle East, Asia and Africa, serving more than 156 million customers.
In any case, the financial amount agreed in the deal could vary "based on market conditions, such as foreign exchange rates", before the deal is completed by securing certain undisclosed conditions, as reported by Mobile World Live.
Having established a strong subscriber base of 12.1 million in the UAE by the second quarter of 2021, Etisalat is exploring the development of 6G technology, the next-generation mobile network that provides faster connectivity than existing technology.
"We will continue to focus on investments in futuristic solutions and next-generation technologies, enhancing the overall customer experience while delivering long-term value for all our stakeholders," said Hatem Dowidar, chief executive officer of Etisalat Group, last June.