Zain yesterday voted out a key board member who opposed selling the company to Etisalat, reviving the possibility of a US$12 billion (Dh44.07bn) buyout by the UAE telecommunications company.
As Zain shareholders yesterday approved a US$3.1bn dividend payout, two new board members were appointed, prompting speculation among analysts the Etisalat deal could be back on track.
Sheikh Khalifa Ali Al Sabah, a key shareholder in the company who was opposed to the Etisalat deal, was voted off the Zain board, a spokesman for the company confirmed. Sheikha Aida Salem Al Ali Al Sabah has also left the board, the spokesman said.
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