Wednesday, July 1, 2009

We Can Sell If Price is Right, Says Zain of Its African Operations

Middle East and Africa mobile operator Zain Group may consider selling a stake in its African operations if the price is right, an official told Kuwaiti daily al-Anbaa. The firm has received offers from French entertainment group Vivendi and other major telecom firms, Zain Group's Assistant Chief Executive for Business Development and Government Relations Barrak al-Subeih said. He said the company will go ahead with the sale if the price is right. People familair with the matter told Bloomberg News that Zain hired USB to explore a possible sale of all or part of the African operations. Zain is yet to decide on a sale, which would exclude its Sudanese operations, the people said. Zain reportedly values the activities at around USD 10 billion. Vivendi approached Zain in recent months about exploring a purchase of the African division, the sources said.

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