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Sukuk Name:
Etisalat Sukuk
Type of Structure:
Ijarah
Issue Size (mil):
1,000.00
Acquistion
Status
Cancelled
Acquirer
Target
Announcement Date
29 Mar 2011
Closing Date
29 Mar 2011
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The Emirates Telecommunications Corporation (Etisalat) operates and manages GSM mobile and fixed telecommunication networks and provides Internet services directly and through its subsidiaries in the UAE and 18 countries across Asia, the Middle East and Africa. Etisalat’s subsidiaries also provide telecommunication and IT training and consulting services, cleaning and maintenance services, digital cable TV, pay-per-view, free to air channels and multimedia services, telecommunications infrastructure development, water transportation and storage of submarine cables, business consulting and directory services, software solutions; and retail in computers, computer peripherals, telecommunication equipment and electronics. Established in 1976 as the first mobile and fixed-line operator in the UAE, Etisalat’s 30-year monopoly was broken in 2005, when the Emirates Integrated Telecommunications Company (du)Emirates Integrated Telecommunications Company (du) won the license to become the second fixed-line and mobile operator in the country. Etisalat increased its total group subscribers by 26% to 135 million, in 2010. However, in the UAE, the company’s mobile subscribers decreased by 0.25% annually, to 7.7 million; its fixed line subscribers dropped by 5.27% to 1.2 million and Internet subscribers decreased by 0.83% to 1.3 million. The company’s 2010 profits decreased by 13.64% to AED7.63 billion (USD2 billion), while its revenues increased by 3.56% to AED32 billion (USD8.7 billion).
Zawya Industry Benchmarks  |
Yr 2009 |
Yr 2010 |
Change (%) |
| No of Fixed-Line Subscribers |
1,309,000 |
1,240,000 |
(5.27) |
| Penetration Rate - Fixed-Line (%) |
26% |
- |
N/A |
| No of Internet Subscribers |
1,331,000 |
1,320,000 |
(0.83) |
| Internet Penetration Rate (%) |
26.6% |
- |
N/A |
| Total Group Subscribers |
107,000,000 |
135,000,000 |
26.17 |
| No of Mobile Subscribers |
7,741,000 |
7,760,000 |
0.25 |
| Country Market Share - Mobile |
69% |
- |
N/A |
| Penetration Rate - Mobile |
155% |
- |
N/A |
Major Shareholders  |
Section Updated: 12Sep11
|
|
|
|
|
|
|
Emirates Investment Authority
|
Government |
UAE |
60.03% |
|
Public
|
|
- |
39.97% |
100%
Nationals
0%
GCC Nationals
0%
Other Arabs
0%
Foreigners
0%
GCC Nationals
0%
Foreigners
|
Direct Investments and Related Entities  |
| Subsidiaries/Associates/Affiliates |
|
|
|
|
| Atlantique Telecom |
Ivory Coast (Cote D`Ivoire) |
100.00% |
| Emirates Cable TV and Multimedia |
UAE |
100.00% |
| Etisalat Lanka Limited |
Sri Lanka |
100.00% |
| Etisalat Afghanistan |
Afghanistan |
100.00% |
| Etisalat Benin |
UAE |
100.00% |
| Etisalat International Indonesia Limited |
UAE |
100.00% |
| Etisalat International Nigeria Limited |
UAE |
100.00% |
| Etisalat Services |
UAE |
100.00% |
| Etisalat Services Holding |
UAE |
100.00% |
| Etisalat Software Solutions Limited [Technologia] |
India |
100.00% |
| Etisalat International Pakistan |
UAE |
90.00% |
| Canar Telecommunications Company Limited |
Sudan |
89.40% |
| Etisalat Misr |
Egypt |
66.00% |
| Zanzibar Telecom Limited [Zantel] |
Tanzania |
65.00% |
| Smart Technology Services |
UAE |
50.00% |
| Ubiquitous Telecommunications Technology [UT Technology] |
UAE |
50.00% |
| Etisalat DB Telecom Private Limited |
India |
44.70% |
| Emerging Markets Telecommunications Services [EMTS] [via Etisalat International Nigeria Limited] |
Nigeria |
40.00% |
| Thuraya Telecommunications Company |
UAE |
28.04% |
| Etihad Etisalat Company |
Saudi Arabia |
27.46% |
| Pakistan Telecommunication Company Limited [PTCL] [via Etisalat International Pakistan] |
Pakistan |
26.00% |
| Atlantique Telecom Centrafrique [via Atlantique Telecom] |
Central African Republic |
- |
| Atlantique Telecom Côte d’Ivoire [via Atlantique Telecom] |
Ivory Coast (Cote D`Ivoire) |
- |
| Telecel Burkina Faso [via Atlantique Telecom] |
Burkina Faso |
- |
| Telecel Gabon [via Atlantique Telecom] |
Gabon |
- |
| Telecel Niger [via Atlantique Telecom] |
Niger |
- |
| Telecel Togo [via Atlantique Telecom] |
Togo |
- |
|
| Investments |
|
|
|
|
| PT XL Axiata TBK [PEPT] [via Etisalat International Indonesia Limited |
Indonesia |
13.31% |
| Arab Satellite Communications Organization |
Saudi Arabia |
4.66% |
|
| Supervising Authority |
|
|
Auditors
| Deloitte and Touche |
PricewaterhouseCoopers |
Banks
| National Bank of Abu Dhabi |
|
Law Firms
| Financial Results |
31-Dec-09 |
31-Dec-10 |
Yr on Yr |
| |
AED'000 |
AED'000 |
change (%) |
Total revenues  |
30,831,390
|
31,929,488
|
3.56 |
Net profit  |
8,836,346
|
7,630,750
|
(13.64) |
| Total assets |
71,378,596
|
75,607,130
|
5.92 |
| Paid-up capital |
7,187,400
|
7,906,140
|
10.00 |
| Shareholders' Equity |
36,391,609
|
38,715,925
|
6.39 |
| Shares outstanding |
7,187,400
|
7,906,140
|
10.00 |
| Market capitalization |
79,061,400
|
85,386,312
|
8.00 |
| » View Full Financials |
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