Zain wants Europe telco buyout in 2008

Kuwaiti telecom says wants to make acquisition in Europe as early as next year, may sell more shares soon.

  • E-Mail
By  Ola Galal Published  November 20, 2007

Kuwait's Mobile Telecommunications (Zain) said it may make an acquisition in Europe as early as next year and sell more shares soon to help finance growth.

"We are interested, depending on the asset," Chief Executive Officer Saad al-Barrak told Reuters on Monday on the sidelines of a conference in Dubai, when asked about possible acquisitions in Europe.

"We're talking late 2008, early 2009, as that's when we will be in a financial stage and have management foundations with which we can go after European assets," Barrak said. He declined to give further details.

Zain, the third-biggest Gulf Arab telecom firm by market value, said on November 11 it was considering a capital increase - among several options - to help finance expansion.

Asked about a possible capital hike, Barrak said: "We are discussing it at the board level and very soon there will be an announcement." He declined to give details. (Reuters)

Add a Comment

Your display name This field is mandatory

Your e-mail address This field is mandatory (Your e-mail address won't be published)

Security code