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Zain mulls capital increase

Kuwaiti telecom considering move among number of options to finance expansion.

Kuwait's Mobile Telecommunications (Zain) said on Sunday it was considering a capital increase among a number of options to finance expansion.

Zain, the third-biggest Gulf Arab telecom firm by market value, had not decided by how much it would raise its capital or what the price it would sell shares, the company said in a statement on the Kuwait bourse Web site. Zain's board will meet on Monday to approve the third-quarter earnings report, it said in another statement.

Zain has been expanding abroad as competition intensifies in Kuwait, where the government is setting up a third mobile phone firm this year.

The Kuwaiti firm, which operates in about 20 countries in the Middle East and Africa, led a group of investors that agreed earlier this year to pay $6.11 billion to set up the third Saudi Arabian mobile phone network.