UAE-based Abraaj Group reportedly acquired a 35 per cent stake in Tunisie Telecom, according to comments made by Tunisia’s Minister of Communications and Digital Economy, Anouar Maarouf.

The minister told Tunisia’s parliament Abraaj Group had become “a new partner in Tunisie Telecom”, after Dubai Holding’s Emirates International Telecommunications (EIT) sold its stake the company, Reuters reported.

EIT acquired the 35 per cent stake in 2006 for $2.25 billion, information on its website showed.

Financial details of the deal with The Abraaj Group were not disclosed, but Maarouf added “the new partner contributes to the development of the company’s activity”.

Reuters reported Dubai Holding had previously revealed its intentions to sell its stake in Tunisie Telecom. The state holds majority control of the operator with a 65 per cent share.

2011 uprising
In 2010, the government revealed plans to list shares, worth approximately 20 per cent of the company, on the Paris and Tunis stock exchanges.

However, the listing plans, which at the time would have been the first offering by a Tunisian company on a European exchange, were abandoned after an uprising in the country which led to the ousting of former president Zine el-Abidine Ben Ali in 2011.

Reuters added EIT at the time complained to the Tunisian government about strike action at Tunisie Telecom and workers’ demands for higher pay following the uprising.