UAE investors paid more than Dh40m to buy SudaTel shares

31 July 2003
In Economics

By Salah Eldin ELTAYEB

Khaleej Times

DUBAI — UAE businessmen and investors have paid more than Dh40 million to own shares in the region’s premier Telecommunication Corporation – SudaTel, increasing the UAE nationals’ equity in the corporation to more than 20 per cent.

The company has recently launched a sizeable five million shares in the international markets for the new expansion fibre optics scheme which will cover huge area in the Middle and South of Sudan.

The positive response by the UAE and Gulf investors was not a big surprise for us, for we know they prefer to invest in service sector projects in the Arab world or in the West.

When asked about the security and guarantees of the investments in Sudan, Dr Abdul Aziz Osman, General Manager, Sudatel. said:

“There is no guarantees when it comes to business, the more you risk capitals the more you earn, yet Sudan is a very secured place for any investor at the time being.”

“We have many good examples of investors who have made fortunes investing in several sectors following the government policy of implementing privatisation and improving investments conditions.

“Capital always goes where profits can be made, thus Sudan has a lots of lucrative potential specially in service sectors.

“The company’s rapid growth of 37 per cent last year compare to the previous one and the decent records and portfolio were some of the catalysts boosted Sudatel position in the region.”

“UAE share holders are among the major foreign shares owners in the corporation since its inception a decade ago with UAE Etisalat-Emirates Telecommunication Corporation has an equity of more than 10 per cent already.”

SudaTel shares are already listed in Bahrain and Abu Dhabi Financial Exchange, the matter that encouraged many investors to buy shares and invest great deal in the corporation.

Asked about the steps of listing the corporation shares in Dubai Financial Market, Osman, said: “We are still weighting the possibility to part of the active DFM as long as it doesn’t clashes with the rules and regulations in the UAE.

“We have had a meeting with the Dubai Financial Market’s Director General Essa Kaism who has shown great enthusiasm in listing Sudatel in the active trading market.”