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FINANCIAL NEWS
QTel seeks to purchase Saudi Zain
03 Oct 2010
(MENAFN) A statement issued by Qatar Telecom (QTel) said that the telecom company is planning to purchase Zain Saudi Arabia in a deal that would clear a regulatory obstacle for Emirates Telecommunications� proposal for parent company Zain, Saudi Gazette reported.
Emirates Telecom, known as Etisalat, said that it bid for a 46 percent stake in Kuwait-based Zain, the Gulf Arab region�s third-largest telecoms firm, where the stake is worth under $12 billion.
A merger of Mobily and Zain seems doubtful since it would break merger rules in Saudi Arabia�s Telecom act.
QTel is one of the largest public companies in Qatar and used to be the exclusive telecommunications provider in Qatar. The company provides mobile telephone services in Oman via Nawras, a joint venture with TDC and Omani partners.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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