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FINANCIAL NEWS
Etisalat still interested in Zain’s deal
03 Mar 2011
(MENAFN) The spokesperson for Etisalat, Ahmad Bin Ali, said that the company is still interested in buying a 46 percent stake in Zain Kuwait even after the expiration of its previous USD12 billion offer, reported Gulf News.
Bin Ali announced Etisalat’s ongoing interest after Kuwaiti family conglomerate Kharafi Group, Zain’s major shareholder, said that it doesn’t want to sell its stake to Etisalat anymore after the latter did not meet the deadline of a due diligence report.
According to the spokesperson, Etisalat has to make sure whether Kharafi’s stake is still available for sale or not.
It is worth noting that Etisalat’s main condition is that Zain abandons all its operations in Saudi Arabia since Etisalat owns a major stake in Zain’s rival Mobily.
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