Home / Kuwait's Zain eyes 3 new acquisitions

Kuwait's Zain eyes 3 new acquisitions

Mobile Telecommunications CEO tells paper, company is exploring options in MENA region.

Kuwait's Mobile Telecommunications Co (Zain) is eyeing three investment opportunities in the Middle East and Africa, its chief executive said in remarks published on Sunday.

Saad Al Barrak told Al Seyassah newspaper that the third-largest Arab telecoms firm by market value expected to conclude one of the deals soon. He gave no details.

A spokesman for Zain said the comments referred to plans for 2009, adding that Zain was still in advanced talks with Palestinian operator Palestine Telecommunication Company (PalTel) hoping to acquire a majority stake.

"We're optimistic. We hope to have additional news at the end of March," the spokesman said, referring to PalTel talks.

PalTel operates in the West Bank and Gaza Strip.

Kuwait's biggest mobile operator has been spending billions on expansion and now operates in 22 countries in the Middle East and Africa.

In November, Barrak said Zain planned to make four to five acquisitions worth up to four billion dolalrs before 2010. (Reuters)

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