FINANCIAL NEWS

Etisalat stretches deadline of acquiring Zain shares

17 Jan 2011

(MENAFN) Etisalat, the telecom operator in the UAE, issued a statement saying that the deadline for purchasing the majority stake in the Kuwaiti operator, Zain, was extended, reported Times of Oman.

The statement said that even though the deadline for reaching a defined agreement as well as conducting sales transactions had been set at mid January of the current year, the operators have not reached a final agreement and the deadline was extended. The statement did not disclose the new deadline.

It is worth noting that in September of 2010, Etisalat announced a proposal to the largest shareholder in Zain for acquiring its shares for $12 billion. The operator also announced by the end of the same year that it had signed a preliminary deal with that shareholder.

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