Etisalat denies Zain stake interest

29 Jun 2010

UAE telecoms operator Etisalat has said it has not submitted a bid or made a proposal to purchase a stake in Kuwait-based Zain Group, cellular-news reports. The statement followed a recent report from Kuwaiti newspaper al-Seyassah, which said that Zain had entered into talks to sell a majority stake in the group to Etisalat. Earlier this month Zain’s chief executive, Nabeel bin Salama, said the firm was not in talks to sell further assets, after it completed the sale of its African assets to Indian telecoms group Bharti Airtel, in a deal valued at USD10.7 billion.

Kuwait, Etisalat UAE, Zain Group