Etisalat Group sells stakes in Sudan’s Canar to Bank of Khartoum

June 13, 2016 (KHARTOUM) – The UAE Etisalat Group has announced selling its 92.3 percent shareholding in Sudanese fixed line operator Canar to Bank of Khartoum for 349.6 million dirham ($95.2 million).

In a statement issued on Monday, the Etisalat Group said that Bank of Khartoum, which already owns 3.7 of Canar company, has exercised its right as shareholder to reject selling the stakes of the Etisalat to Zain, a mobile telecommunications company known as (Zain-Sudan).

The Etisalat Group and the Bank of Khartoum have signed the final documents of the deal at a cost of 349.6 million dirham, with a rate of 17.504 dirham per share, the statement said.

The Etisalat stated that the completion of the agreement is still subject to the approval of the Sudanese concerned authorities. In line with the deal, the number of the Bank of Khartoum shares in Canar Company increased from 3.7% to 96%.

Previously The Etisalat had agreed to sell its stake in Canar for Zain-Sudan with the same price the stake was sold to the Bank of Khartoum, but the deal was aborted by the Bank of Khartoum when it used its right of rejection.

The deal sparked a row between the Bank of Khartoum and Zain-Sudan as the two firms traded accusations in a rare public dispute over the conditions of the sale.

It was also reported that Zain-Sudan decided to close its accounts and withdraw its funds from the Bank of Khartoum and sell its assets.

(ST)