UAE-based telecom firm Etisalat completed the sale of its stake in Thuraya Telecommunications company for Dh137 million ($37 million) to Star Satellite Communications, a media report said.

The stake has been sold to Star, a subsidiary of Al Yah Satellite Communications Company (Yahsat), after the latter acquired no less than 75.001 per cent in Thuraya, reported Emirates news agency Wam, citing a statement from Etisalat  to the Abu Dhabi Securities Exchange.

The final value of the share stood at $0.0553, accounting for $37 million of total Dh 137 million, Etisalat indicated.

Star, a special purpose vehicle owned by Al Yah Satellite Communications (Yahsat), acquired the stake after receiving regulatory approvals, and meeting condition of Yahsat "acquiring at least 75.001 per cent ownership in Thuraya," Etisalat said.

In April, Etisalat signed an agreement with Star to sell its 28.042 per cent stake in Thuraya Telecommunications Company.