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Dubai to sell Maltese telco stake

|By TAP Staff| A company owned by Dubai Holding said on Sunday it plans to sell its 60 percent stake in Maltese telecom operator Go.

Emirates International Telecommunications (EIT), a unit of Dubai Holding, said in an emailed statement it “has not yet approached or identified any buyer for its stake”, and “has only just started the process of evaluating its options.”

Go is undertaking a restructuring process that includes spinning off a subsidiary, Malta Properties, and EIT will retain its stake in the new firm because it fitted with Dubai Holding’s strategy of focusing on real estate investments, it said.

EIT also owns 20 percent of the United Arab Emirates’ No.2 telecommunications firm du and 35 percent of former monopoly Tunisie Telecom, according to its website.

Dubai Holding is an investment vehicle owned by the emirate’s ruler Sheikh Mohammed bin Rashid al-Maktoum. Its subsidiaries include hotel group Jumeirah and real estate developer Dubai Properties.