Turkcell and others interested in Zain

10 May 2010

Turkcell is considering buying a stake in Kuwaiti telecoms group Zain, according to the Turkish company’s chief executive Sureyya Ciliv. ‘Zain is one of the companies our international development group is looking at, but at the moment there is no important development,’ he was quoted as saying. Meanwhile, a daily newspaper in Kuwait, al-Rai, reported that at least four firms have offered to buy a majority stake in Zain. ‘The major shareholders in Zain group have received verbal offers from four parties for the possibility to enter negotiations to buy a majority stake in the company,’ the newspaper said. An unnamed source added that a deal would not be considered by the Zain board until the MTN/Bharti acquisition has completed.

Kuwait, Turkcell, Zain Group