Dubai's Du sells its 26% Khazna Data Center stake for $218mln

Technology Holding Company LLC now owns 100% of the data centre

  
Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

Traders react during the opening of the Dubai stock market June 26, 2016. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

Emirates Integrated Telecommunications company (Du) has confirmed it had sold its stake in Khazna Data Center, to Technology Holding Company (THC).

The announcement follows the approval of the AED 800 million sale ($218 million) at Du’s board of directors meeting last week.

EITC Investment Holdings Limited, a wholly owned subsidiary of Du, signed the sale agreement with THC.

The sale will result in net profit of AED 521 million, ($142 million US) which will be reflected in Du’s Q3 2020 financial reports, assuming the transaction is completed before September 30, the company said in a statement to Dubai Financial Market.

(Writing by Imogen Lillywhite; editing by Daniel Luiz)

(imogen.lillywhite@refinitiv.com)

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© ZAWYA 2020

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