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.
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)
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