Etisalat, the United Arab Emirates No.1 telco, may raise its holding in Saudi Arabia affiliate Mobily, the firm's chief executive said on Wednesday, in what could give a major boost to its bottom line if it took a majority stake.
The former monopoly is also undertaking a review of all its operations across the 17 countries in which it operates, Ahmad Julfar told Reuters, as it seeks to boost returns to shareholders following a multibillion dollar foreign expansion over the past decade that has so far added little to the bottom line.
This overhaul may include selling some of its African subsidiary Atlantique Telecom units, but Etisalat has put on
hold plans to offload its 13 percent stake in Indonesia's XL Axiata, Julfar said.
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