Etisalat confirms plan to buy 46% stake in Zain

Etisalat rebuffs rumours that it planned to buy a reduced stake in Zain.

Tags: Etisalat International - UAEMergers and acquisitionsUnited Arab EmiratesZain - Kuwait
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Etisalat confirms plan to buy 46% stake in Zain Etisalat has rebuffed rumours that would take a reduced stake in Zain Group. (ITP Images)
By  Roger Field Published  December 19, 2010

UAE telco Etisalat has confirmed that it remains committed to acquiring a 46% stake in Zain Group and dismissed rumours that it planned to acquire a smaller stake than originally stated.

“The 46% conditional deal is still on - as agreed upon in the initial proposal,” Etisalat said in a statement. “Etisalat will inform its stakeholders with the results directly whenever there is something to be disclosed,” the company added.

The statement was in response to a report from Reuters which suggested that Etisalat had lowered its targeted share of Zain to 40% after shareholder opposition threatened to delay the sale.

Etisalat's plan to acquire Zain has faced a number of hurdles, with a number of shareholders opposing the decision of the Kharafi family, which owns 20-25% of Zain, to sell the group to Etisalat

 

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