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Articles tagged with: Africa and Zain
Moody's places Etisalat's ratings on review after announcing Zain acquisition
Debt ratings agency, Moody's Investors Service has placed UAE based Etisalat's ratings on review for possible downgrade following the announcement that its proposal to acquire 51% of the Kuwait-based Zain for US$12 billion has now become binding. While Moody's notes that the offer remains conditional, the rating agency's review will examine the potential impact of this binding offer on Etisalat's ratings. more
Related Tags: etisalat, moodys, United Arab Emirates
Etisalat Seeking Majority Stake in Zain
UAE based Etisalat is reported to have offered US$10.5 billion to take a majority stake in Kuwait based Zain. The deal is reported to be for Zain assets controlled by shareholders who own about 46 percent of the company, including operations in Saudi Arabia. As some 10 percent of Zain shares are held as treasury stock, the 46% holding would give Etisalat effective control of the company. more
Related Tags: etisalat, airtel, Kuwait
Zain Profits Jump on African Disposals
Zain has reported that its second-quarter profit reached KWD 843.8 million (US$2.95 billion) compared with KWD 76.4 million a year earlier, thanks to the disposal of its african assets. The company said it made a first-half profit of $3.1 billion, which included $2.65 billion from the sale of assets in africa. more
Related Tags: zain-africa
Zain Quarterly Profits Down 31%
Kuwait's Zain has recorded first-quarter consolidated revenues of KWD 329.7 million (US$1.146 billion), an increase of 11% compared to same period in Q1-2009. The Company's consolidated EBITDA reached KWD 139.2 million (US$483.7 million) and net income dropped by 31% to KWD 51.55 (US$179.1 million). The company has a one-off gain of KWD 33 million (US$116 million) in the year ago period. more
Related Tags: airtel, zain-africa, Kuwait
Bharti Airtel Secures Ownership of Zain Africa
Zain has announced the long-anticipated signing of the definitive agreements for the sale of 100% of Zain africa, its african business excluding its operations in Morocco and Sudan to Bharti Airtel for an enterprise value of US$10.7 billion. more
Related Tags: bharti-airtel, airtel
Zain Inches Closer to Selling African Assets to Bharti Airtel
Kuwait based Zain has issued a brief statement confirming that it is now finalising the details for the sale of its african assets to India's Bharti Airtel. The company's board met yesterday to review the latest developments and negotiations related to this matter. more
Related Tags: bharti-airtel
Bharti Airtel Credit Rating Poised for Downgrade on Zain Purchase
The debt ratings agency, Standard & Poor's has put India's Bharti Airtel on CreditWatch with negative implications following the company's proposed bid for Zain africa. The decision affects the company's 'BBB-' long-term corporate credit rating. more
Related Tags: bharti-airtel, airtel, auction, India
Zain Confirms Receiving Offer to Sell African Networks
Kuwait based Zain has confirmed that it has received an offer from an unnamed group to acquire its operations in africa excluding Morocco and Sudan. The company declined to name the bidder, although local media reports suggested that it could be India's Bharti Airtel. more
Related Tags: celtel, kharafi-group, zain-africa, Kuwait
Zain Denies Reports of Imminent African Networks Disposal
Kuwait's Zain has refuted local media reports that it had been contacted regarding a sale of its african assets. The Al Anbaa newspaper had reported that Zain was in talks with Vivendi, France Telecom and Vodafone offer a possible sale of the former Celtel networks. more
Related Tags: celtel
Zain Outsources Network Management to NSN in 3 Countries
Nokia Siemens Networks says that it has secured a five-year network management contract from Zain covering its networks in Kenya, Tanzania and Uganda. NSN said the contract is its biggest multi-vendor outsourcing case in the region and it's one of the first supplier swap Managed Services deals of its kind in africa. more
Related Tags: nokia-siemens-networks, managed-services, Kenya
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