Etisalat builds up stake in Atlantique

Etisalat is reported to have acquired a further 12 per cent in African mobile provider Atlantique Telecom, raising its stake in the cellular company to 82 per cent.

Atlantique holds majority stakes in seven telecoms operators in the Ivory Coast, Benin, Burkina Faso, Gabon, Niger, Togo and the Central African Republic. Etisalat operates Atlantique through a 10-year management contract that expires in April 2015.

Speaking earlier this month, Etisalat chairman, Mohammad Omran, said he expected African investments to contribute no less than 25 per cent to group revenue in three to four years.