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FT yet to make a decision on Korek stake, report says

9 Dec 2010

Kuwait-based logistics company Agility has not received an offer from France Telecom (FT) for its stake in Iraqi mobile operator Korek Telecom, Reuters reports, citing Kuwaiti daily al-Watan. ‘Exiting is possible if the company receives a suitable price level that results in good revenue,’ Agility’s chairman, Tarek Sultan, was quoted as saying. FT’s head Stephane Richard said that the company’s board planned to meet yesterday to discuss buying a minority stake in the Iraqi firm, but no decision had yet been made. Late last month FT confirmed its strategic interest in Iraq and indicated that it was ‘studying opportunities’ there. A mooted plan envisages FT taking a minority stake in the Kurd-owned operator, in a deal valuing the entire company at around USD1.5 billion. Korek is based in the semi-autonomous Iraqi Kurdistan region and is Iraq’s third largest cellco by subscribers.

Iraq, Korek Telecom, Orange Group

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