du sells indirect stake in Khazna Data Centre for AED 800m

CountryUnited Arab Emirates

15 September 2020 11:20 AM Dubai – Mubasher: EITC Investment Holdings, a wholly-owned subsidiary of Emirates Integrated Telecommunications Company (du), has inked an AED 800 million agreement to sell its 26% stake in Khazna Data Centre Limited to Technology Holding Company, the current 74% shareholder of Khazna. The transaction is subject to the satisfactory completion of customary closing mechanics, according to the company's disclosure to the Dubai Financial Market (DFM) on Tuesday. The transaction will result in net profits of about AED 521 million, which will be registered in du's financial results for the third quarter (Q3) of 2020 if it is completed before 30 September. It is noteworthy to mention that in early September, the board of du has agreed on selling its 26% indirect stake, including its interest in shareholder loans, in Khazna to Technology Holding Company.  ...read more...