Etisalat Group has announced a deal to sell its 92.3 percent shareholding in Sudanese fixed-line operator Canar to Bank of Khartoum for AED 349.6 million (USD 95.2 million). Etisalat said that Bank of Khartoum, which already owns 3.7 percent of Canar, has exercised its right as shareholder to preempt Etisalat selling the shares to Zain Sudan.
The deal values Canar at AED 17.504 per share, and completion is still subject to the approval of the Sudanese authorities. Etisalat had previously agreed to sell its stake in Canar to Zain Sudan at the same price.
