Shares of Zain soared yesterday as reports emerged that Etisalat has signed a non-disclosure agreement with the Kuwaiti telecommunications operator to study its assets.
Etisalat is said to be considering buying a 14 per cent stake in Zain worth about US$2.5 billion (Dh9.18bn) in a move that would expand its international presence into markets including Kuwait, Iraq and Bahrain.
“A Zain prospectus landed on my desk four weeks ago … but the process was quickly halted because one week later they signed a [non-disclosure agreement] with Etisalat,” a source told Reuters on condition of anonymity."
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