Processing .....please wait.. 
The article has been forwarded.... 
Zain Africa not for sale: CEO
By
siliconindia news bureau
Bangalore: Chris Gabriel, the CEO of Zain Africa, has said that the company's African operations are not for sale. Kuwait's biggest phone carrier is planning to become one of the top 10 global mobile operators by 2011.
Zain has dropped its plans to sell its operations across 13 African nations at the request of potential buyers of a stake in the company, Gabriel said. In September 2009, Kuwait's Kharafi Group and its National Investments Company had planned to sell a 46 percent stake in Zain. The stake, worth $13.7 billion, was to be sold to a group led by India's Vavasi Group and Malaysian billionaire, Syed Al-Bukhary. India's state owned telecom operators, MTNL and BSNL were also mulling over the purchase of a controlling stake in Zain for $14 Billion.
Paris-based Vivendi, owner of phone companies SFR and Maroc Telecom, was also interested in acquiring majority stake in Zain Africa, formely called Celtel. The talks fell through after the parties failed to agree on the price.
Zain has dropped its plans to sell its operations across 13 African nations at the request of potential buyers of a stake in the company, Gabriel said. In September 2009, Kuwait's Kharafi Group and its National Investments Company had planned to sell a 46 percent stake in Zain. The stake, worth $13.7 billion, was to be sold to a group led by India's Vavasi Group and Malaysian billionaire, Syed Al-Bukhary. India's state owned telecom operators, MTNL and BSNL were also mulling over the purchase of a controlling stake in Zain for $14 Billion.
Paris-based Vivendi, owner of phone companies SFR and Maroc Telecom, was also interested in acquiring majority stake in Zain Africa, formely called Celtel. The talks fell through after the parties failed to agree on the price.
Reader's comments(1)
1: aha. what a hock to those telecom companies
who were planning to bid.
Posted by: gunjan - 12 Nov, 2009
Disclaimer
Messages posted on this Web site under the `Comments' area are solely the opinions of those who have posted them and do not necessarily reflect the opinions of Infoconnect Web Technologies India Pvt Ltd or its site www.siliconindia.com. Gossip, mud slinging and malicious attacks on individuals and organizations are strictly prohibited. Infoconnect Web Technologies India Pvt Ltd can not be held responsible for errors or omissions in content, nor for the authenticity of the user/company name or email addresses associated with posted messages. Infoconnect Web Technologies India Pvt Ltd reserves the right to edit or remove messages containing inappropriate language or any other material that could be construed as libelous, potentially libelous,
or otherwise offensive or inappropriate.Infoconnect Web Technologies India Pvt Ltd do not endorse the products and services or any other offerings mentioned in these messages.
- Indian utility will buy 150,000 water meters
- IBM unveils new POWER7 systems
- CA extends support for Open Source
- Now pay credit card dues as a loan
- MBAs line up for jobs in healthcare
- Yes Bank to deploy Servion's IVR
- Sony to unveil in-box wireless technology
- GPS based application struggling to expand
- Hindustan Copper shares rise 10 percent
- AB Minacs buys tech solutions firm Radifinity
- Auto driver turns web entrepreneur
- Students make electric appliances operable via sms
- Change management: BSNL employees to PM
- An IITian lights 10,000 homes in rural Bihar
- Indians are over committed, reluctant to differ
- Indian entrepreneurs sign deals like housewives
- China 5th, India nowhere in top 15 UN patent filings
- Biggies back with bonuses, startups suffer
- Over 15,000 NRI resumes lying with Indian HR firms
- Obama's invitation to 'Bihar's Rickshaw Man'
