{"id":74940,"date":"2020-09-15T11:01:59","date_gmt":"2020-09-15T11:01:59","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=296312"},"modified":"2020-09-15T11:01:59","modified_gmt":"2020-09-15T11:01:59","slug":"du-sells-data-centre-stake-for-218m","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2020\/09\/15\/du-sells-data-centre-stake-for-218m\/","title":{"rendered":"Du sells data centre stake for $218M"},"content":{"rendered":"

<\/p>\n

\tUAE operator du formally declared the sale of its minority stake in Khazna Data Center for AED800 million ($217.8 million) to Technology Holding Company, the IT infrastructure company’s majority shareholder.<\/p>\n

In a statement to the Dubai stock exchange under its full name of Emirates Integrated Telecommunications Company, the operator said the sale of its 26 per cent indirect stake was expected to close by the end of the month.<\/p>\n

The sale is set to net the company a profit of AED521 million, which it plans to book in its Q3 results.<\/p>\n

Disposal of the stake, it noted, is part of a strategy of \u201cpursuing data centre development through either full ownership or commercial partnerships\u201d to accelerate its growth in the area.<\/p>\n

The transaction was mooted in local media last week following a board meeting to approve the deal, but formally filed with the stock exchange today (15 September).<\/p>\n

Cost cuts
\nThe sale comes two months after the operator announced a cost efficiency drive.<\/p>\n

At the time, CEO Johan Dennelind said the overhead reductions were an attempt to \u201cease pressure\u201d on its bottom line after the \u201csevere negative impact on its business\u201d caused by the Covid-19 (coronavirus) pandemic.<\/p>\n

Among the initiatives introduced were reduced spend on marketing and \u201coptimising\u201d use of its current resources alongside contract renegotiations with suppliers.<\/p>\n\n

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UAE operator du formally declared the sale of its minority stake in Khazna Data Center …<\/p>\n

The post Du sells data centre stake for $218M<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":246,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Du sells data centre stake for $218M - ITTeacherITFreelance.hk","description":"UAE operator du formally declared the sale of its minority stake in Khazna Data Center ... The post Du sells data centre stake for $218M appeared first on Mobil"},"footnotes":""},"categories":[11,8],"tags":[5253],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/74940"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/246"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=74940"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/74940\/revisions"}],"predecessor-version":[{"id":74941,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/74940\/revisions\/74941"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=74940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=74940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=74940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}