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FINANCIAL NEWS
Kuwait’s Zain not quitting Sudan, set eyes on Libya
26 Jun 2013
(MENAFN) Kuwaiti telecommunications provider Zain said it has no plans to leave Sudan and looking to extend its business into Libya, Arabian Business reported.
A company board member Bader Nasser Al-Kharafi said the Kuwaiti telecoms giant is committed to Sudan and has no intension of pulling out.
Zain reported a 27 percent decline in first-quarter net profit, mainly due to a steep devaluation in the Sudanese pound.
Sudan accounted for nearly a third of Zain’s customer base and a fifth of group revenue last year, but the country has been mired in economic turmoil following South Sudan’s split in 2011.
Also, Al Kharafi said that the group plans to access Libya, which its telecom sector remains in state hands.
Government-controlled Libyan Post, Telecommunication and Information Technology Co (LIPTIC) owns the country’s two mobile operators Al Madar and Libyana as well as Libya’s main internet provider, with the telecoms sector isolated from much foreign competition during Muammar Gaddafi’s 42-year rule.
Libya had planned to tender a management contract for LIPTIC, seen by analysts as a first step to privatization, but this tender has been put on hold.
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