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FINANCIAL NEWS
Etisalat withdraws bid for Syria license
31 Mar 2011
(MENAFN) Etisalat’s spokesman, Ahmed bin Ali, announced that the company withdrew its bid for acquiring a license in Syria shortly after scrapping its USD12 billion bid to acquire Kuwait-based Zain, reported The National
Bin Ali said that the company withdrew the bid to operate in Syria as it found terms and conditions unattractive. It was reported that these terms included that the state would have a 25 percent revenue share if the deal was sealed.
Analysts commented that taking a quarter of generated revenue would not be attractive to any bidder as the market is becoming very competitive, with margins shrinking more and more.
It is worth noting that France Telecom, Qatar Telecom, Turkcell and Saudi Telecom also qualified to bid for the Syria license.
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